Increases in the cost of importation may result in a rise in the local price of white and brown sugar.
Prime Minister, Dr. Ralph Gonsalves reveals that a memo, dated August 22nd, was sent from the Agriculture Input Warehouse, the entity responsible for the importation of sugar into St. Vincent and the Grenadines, to the director general of finance and planning. The memo outlined the new prices being quoted for sugar imports.
PM Gonsalves explains that the last shipment of white sugar was purchased for 640 us dollars per metric tonne in June this year, inclusive of cost, insurance and freight while the new price quoted for the next shipment is 1,100 us dollars not inclusive of cost, insurance, and freight.
PM further explains brown sugar is purchased from the Guyana Sugar Corporation at a price of 560 us dollars per tonne with a freight cost of 64 us dollars, however, Guyana has indicated they will be unable to supply sugar until November.
He says the agricultural input warehouse has reached out to Belize to step out so as to prevent scarcity.
PM Gonsalves notes government can give consideration to lowering the customs surcharge, however, he cautions this may only decrease the price by about ten percent.
