Food price developments, including those of sugar, are an essential part of the cost-of-living and have broader economic implications, ultimately driving inflation rates and impacting economic stability. Price volatility is an inherent characteristic of agricultural commodity markets, arising from a complex interplay of supply and demand dynamics, and perceptions around weather uncertainties, policy developments, speculation on futures exchanges, and exchange rate fluctuations. As a result, over the years, policymakers in many countries have adopted sugar policies to respond to agricultural price variability as well as to defend a higher domestic price against the world sugar price. In most cases, domestic prices have been found to be higher than world market prices due to varying degrees of government intervention and policy support, primarily via tariffs and other non-tariff barriers.

This study seeks to extend the ongoing examination of domestic prices that the International Sugar Organization (ISO) has conducted over the course of nearly two decades, as documented in four preceding studies. The study scrutinizes the dynamics of wholesale and retail prices in recent years, offering a comprehensive overview based on an aggregate and weighted average to give a global perspective. It also analyses disparities in wholesale and retail prices between countries that produce cane and beet, as well as between importing and exporting nations, taking into account regional variations. Lastly, the study examines sugar prices in the largest consumer markets for sugar (India, EU, China, Brazil, US, Mexico, the Russian Federation/EAEU, and Thailand) reviewing price dynamics and its relationship with world market prices, all evaluated in their respective local currencies.

The current study serves as an update to the 2019 price survey, extending the coverage period to 2023, while maintaining the base year of 2007, and expanding the geographical scope to include 90 countries. These countries encompass major sugar exporters and importers, as well as producers of both beet and cane sugar. In addition to serving as a reference document on domestic prices at the wholesale and retail levels, the study also examines the aggregate behaviour in relation to world market prices and assesses the degree of correlation between them. This comprehensive approach provides valuable insights into the dynamics of the global sugar market, and the significant variation in average price levels between countries and regions, advancing understanding of this vital commodity and helping us navigate the challenges and opportunities that sugar pricing presents.

Contents:

INTRODUCTION	

I.	SOURCES AND METHODOLOGY	

II.	WHOLESALE PRICES	
            General observations
       1.	WHOLESALE PRICES IN BEET AND CANE PRODUCING COUNTRIES
       2.	WHOLESALE PRICES IN IMPORTING AND EXPORTING COUNTRIES	
       3.	REGIONAL VARIABILITY IN WHOLESALE PRICES	

III.	Retail prices	
        1.	GENERAL OBSERVATIONS	
        2.	RETAIL PRICES IN BEET AND CANE PRODUCING COUNTRIES	
        3.	RETAIL PRICES IN IMPORTING AND EXPORTING COUNTRIES	
        4.	REGIONAL VARIABILITY IN RETAIL PRICES	

IV.	FOCUS ON SELECTED COUNTRIES	
       1.	INDIA	
       2.	EU	
       3.	CHINA	
       4.	BRAZIL	
       5.	US	
       6.	MEXICO	
       7.	RUSSIAN FEDERATION AND THE EURASIAN ECONOMIC UNION	
       8.	THAILAND	

CONCLUSION	

STATISTICAL APPENDIX