The government will temporarily stop issuing sugar re-export licenses in anticipation of the local sugar cane season, according to a senior official from the Ministry of Commerce. Issuing of re-export licenses will continue until September 22, after which the government would no longer issue re-export licenses, according to the Directorate of Trade under Ministry of Commerce. But sugar industry players said the September 22 cutoff date is already late as there is an existing glut in the market. Sugar warehouses in Yangon, Mandalay and Muse have abundant stocks of the commodity, with an estimated surplus of 300,000 tonnes. The current price of sugar has fell to K660,000 per tonne compared with the K850,000 per tonne before sugar imported from foreign countries through the re-export system flooded the local market.

Source – Myanmar Times

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