SUGAR PRODUCTION in the Philippines for crop year 2019/2020 is projected to reach 2.1 million tons amid higher domestic consumption and as local prices remain higher than global levels, Fitch Solutions Macro Research said in its industry trend analysis.
SUGAR PRODUCTION in the Philippines for crop year 2019/2020 is projected to reach 2.1 million tons amid higher domestic consumption and as local prices remain higher than global levels, Fitch Solutions Macro Research said in its industry trend analysis.
While unfavorable weather in recent months will lower yields and overall production in the short term, gradually decreasing sugar area due to prolonged labor shortages and rising competition from cheaper imported sugar will weigh on the industry in the longer term, it said in the report published Dec. 12.
This projection is 4% lower than its previous production forecast of 2.2 million tons.
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