The Fiji Sugar Corporation (FSC) sold $209.7 million worth of sugar for the 2023 financial year.
FSC chairman Pradeep Lal said this was the highest sale made by the corporation over the past nine years.
“This achievement reflects a meticulous review by the board and management, who diligently scrutinised potential export markets for sugar,” said Mr Lal.
“The strategic evaluation identified export destinations that embrace FSC’s products and yield the maximum value for the offerings.
“The results have been exceedingly positive, with each market proving profitable for selling sugars of Fiji.
“This was evident with total sales reaching $209.7m for 2023 financial year, the highest in the past nine years and FSC share of proceeds reaching $64.3m, the most favourable in the past 16 years.”
Mr Lal said this factor has contributed to the reduction in Government’s support for the guaranteed cane price of $85 per tonne of cane.
“On average, the Government has allocated approximately $41.5m annually for the guaranteed price since the 2018 season with specific amounts as follows: $52.5m in 2018, $50.9m in 2019, $42.9m in 2020, $18.9m in 2021 and zero funding in 2022 season.
“Furthermore, it is projected that no contribution will be required from the Government for 2023 season.”
He said FSC’s commitment to expanding its market presence was exemplified by the focus on tapping into new markets, including several emerging ones.
“Despite the largest United Kingdom market, the US market has been a resounding success.
“Additionally, FSC has successfully established its presence in regional and Pacific markets, offering proximity and convenience to customers.”