GEORGETOWN, Guyana (GINA, February 2, 2009) - The Guyana Sugar Corporation's (GuySuCo) Board of Directors' decision to import sugar as a temporary and precautionary measure so as to boost export earning is not unique as several other leading sugar importers/exporters have been using the same strategy in a bid to enhance the financial performance of their sugar company.

According to a recent United States Department of Agriculture's (USDA's) report on world sugar outlook, several countries have been importing sugar for domestic consumption and exporting the locally produced sugar for high-priced markets which demand sugar from certain countries.

The report stated that the Dominican Republic which produces 515,000 tonnes and consumes 340,000 tonnes, imports 40,000 tonnes in order to export to the United States quota market. Total exports amounted to 222,000 tonnes.

Now that they will be supplying the European Union, larger levels of imports are anticipated. The Dominican Republic, however, has plans for expansion.
           
The USDA report pointed out that the Caribbean's production statistics (282,000 tonnes) appear to exclude Guyana, but accounts for Jamaica, Belize and Barbados ' production. The imports of 446,000 tonnes include brown and white sugar.

Jamaica produces about 150,000 tonnes and this amount is exported. Some 60,000 tonnes are imported for direct consumption. In Barbados also its total production of 35,000 tonnes, are exported while 6,000 tonnes are imported for direct consumption. In the case of Trinidad (last crop 2007) its 25,000 tonnes produced were exported, and the twin island state imported 15,000 tonnes for direct consumption.

The USDA report also highlighted that several large sugar producing countries have forecast a decline in world sugar production due to erratic weather patterns, high energy prices in early 2008, high freight rates and competition from India. 

GuySuCo's Board of Directors stated that its decision to import sugar for local consumption will save the entity US$ 2.7M if it were to withhold exports to the European Union. The Board has assured that this will be a temporary measure aimed at increasing income for the corporation.