17 August, 2011

Roxas Holdings exports sugar to Korea, Japan

ROXAS HOLDINGS EXPORTS SUGAR TO KOREA, JAPAN. Photos show the sugar shipment activities at the Batangas International Port bound for South Korea.

IN order to address its oversupply of sugar, listed sugar group Roxas Holdings, Inc. (RHI), through its unit Central Azucarera Don Pedro, Inc. (CADPI), will export raw sugar to South Korea and Japan in the coming weeks.

This move was in response to the Sugar Regulatory Administration’s direction to convert domestic sugar (Class B) into world sugar (Class D) market to dispose the excess in local supply from the current crop year.

The surplus in sugar production came on the heels of the US announcement that it will not purchase more than its annual sugar export quota from the Philippines.

A slowdown in demand from some local industrial users who shifted to high fructose corn syrup and premixes for blending in their own products also contributed to the oversupply.

CADPI recently concluded the first round of shipments to South Korea via the Batangas International Port. The next shipment is expected to be made by the end of the month.

"Since we cater primarily to the local industrial market, this will be the first time in five years that we are back into the export market outside the US," Mr. Roxas added.