Malaysia faces sugar shortage

business-times.asia1.com.sg :

Malaysian food manufacturers are suffering from a sugar shortage as smugglers evade government price controls amid a soaring market for sugar. The dearth, which may crimp exports that have given Malaysia's US$131 billion economy a trade surplus for almost nine years, is prompting hoarding, leaving supermarket shelves bare and creating an illegal black market.

Malaysia, which imports 90% of its sugar, has kept the retail price of refined sweetener at 38 US cents a kg since March 2002. It costs 71 US cents in Indonesia, 92 US cents in Singapore and 47 US cents in Thailand. The price of refined sugar has surged 57% in London in the past 12 months, meaning Malaysians pay 20% less than traders. Sugar climbed to a record US$497 a tonne on May 12 and July 6.

(2006-07-25 07:05:32 SGT) [Env] Permalink

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