BARBADOS: EU sugar prices keep falling
Published: 09/02/2010, 4:39:47 PM
The price which Barbados receives for its sugar sold to the European Union continues to plummet, according to the Barbados Advocate.
Last year, Barbados was paid BB$1,344.8 (US$672) per tonne when compared with BB$1,622.6 per tonne in 2008 because of the exchange rate fluctuation of the US dollar against the euro. This decline continued into 2010.
According to the 2009 Barbados Economic and Social Report, sugar production increased by 5.4% or 1,700 tonnes to 33,300 tonnes. The total harvest produced 356,700 tonnes of cane, 46,000 tonnes more than the previous year.
The report, however, noted that the cost of production was significantly lower in 2009 at BB$2,832.8 compared with the 2008 figure of BB$3,043.6 per tonne.
Increases were also shown in molasses production. In 2009, molasses produced reached 12,500 tonnes as compared to 10.9 thousand tonnes in 2008. This represented a 14.7% increase or an increase by 1,600 tonnes.
In 2009, 14.400 acres of sugarcane was harvested, a decrease of 1.4% from the 2008 figure of 14,600 acres.
Independent Plantations and BAMC harvested 213,900 tonnes and 140,000 tonnes, respectively, in 2009. Small farmers increased their harvest in 2009 to 2,800 tonnes, an increase of 200 tonnes or 7.1% when compared with the 2008 figure of 310,700. According to the statistics, this represented an overall increase in the sugar yield of 46,000 tonnes of canes.
The total amount of tonnes shipped to the European Union in 2009, amounted to 30.300 tonnes when compared with 27,800 tonnes in 2008. This represented a 9.1% increase in goods shipped.