European sugar exports are down 45% from a year ago with only 259 kt of sugar being exported by the end of November 2019.
This anticipated slowdown (which largely results from a drop in European sugar output this season (currently estimated below 17.4 Mt) notably affects France, Belgium, Poland and Netherlands with export activities being respectively down 53%, 50%, 46% and 47% from a year ago.
In the meantime :
- Israel (81 kt) remains the most preferred destination for European sugar followed by Egypt (26 kt) and Norway (22 kt),
- the European FOB price for exports averaged 383 EUR/t in Nov 19 : down 18 EUR/t from last month but significantly up from the export price calculated for the entire 2018/19 season which averaged 353 EUR/t.
Overall and at this stage of the season, we continue to anticipate EU's 2019-20 sugar exports to reach 1.3 Mttq.
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