Markets

Jamaica to Earn Double on Sugar Exports

By: Caribbean Journal Staff - August 7, 2011 - 11:56 pm

The Jamaican government has secured a contract to supply 80,000 tonnes of sugar to the European market for more than double the price of the current crop.

The agreement with European firm ED&F Man Sugar Limited is coming at a price of $936.98 per tone, a 115-percent increase in price under the government’s existing arrangement with Tate & Lyle.

“This significant increase underlines the tightness of sugar supply in the world today,” said Agriculture Minister Robert Montague. “More importantly though, for us, it represents a significant incentive to the industry and to cane farmers in particular.”

Montague also said the deal to divest three government-owned sugar estates to Chinese company COMPLANT was still on track, despite reported reservations over the deal on the part of the Chinese.

–Jamaica Information Service

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