Economy September 14, 2023 | 9:38 am

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Dominican Republic authorizes import of 145,000 tons of sugar in the last three months

Santo Domingo.- From June 16 to September 11, the Dominican Sugar Institute (Inazucar) has given its approval for three tariff quotas to import sugar into the Dominican Republic. The primary objective is to meet the domestic demand for sugar and create a reserve of this essential commodity.

The first tariff quota, established to secure 75,000 tons of raw sugar, aimed to satisfy local demand from June to November. However, in July, an additional 50,000 tons of both raw and refined sugar imports were sanctioned. This was followed by the authorization of another 20,000 tons of sugar in early September, bringing the total imports in the last three months to 145,000 tons.

Inazucar explained that the quantities approved by the Board of Directors, combined with existing sugar stocks held by sugar mills, will be sufficient to meet internal demand until the start of the next sugar harvest in 2023-2024, scheduled to commence in December.

To date, Inazucar has announced the arrival of 20,000 tons of raw sugar on September 4, received at the La Romana port.

These tariff quotas have been introduced to ensure a stable supply and pricing stability in the sugar market. The production of sugar was initially affected by Hurricane Fiona in September of the previous year and prolonged periods of drought. The goal is to alleviate any supply deficits before the upcoming harvest, although production results for the just-ended season remain undisclosed.

The closing of the June harvest is being prepared by Inazucar, but it remains unpublished because it is based on preliminary statistics, awaiting final production data that is yet to be collected.

One of the major sugar producers, Central Romana, reported its production results in June, revealing a total grinding of 2,379,000 short tons of cane. This was 662,355 tons less than reported by Inazucar for the previous harvest, which stood at 3,041,355 tons. Central Romana also highlighted the production of 265,735 short tons of refined sugar and 16,426,000 gallons of molasses.

Speculations regarding the supply and pricing of sugar have been a concern. Pro Consumidor, the consumer protection agency, announced plans to initiate operations aimed at curbing hoarding and speculation in sugar marketing. They have identified sectors where speculation is forcing retailers to sell sugar above the stipulated prices set by Inazucar.

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