Home | Business | ‘MORE SUGAR TO BE EXPORTED TO USA’

‘MORE SUGAR TO BE EXPORTED TO USA’

Font size: Decrease font Enlarge font

MBABANE – The Minister of Commerce, Industry and Trade, Manqoba Khumalo, has revealed that more sugar from Eswatini will be exported to the United States of America (USA).

The minister was giving an update on the recent United States-Africa Business Summit, where African countries met with American investors and made pitches on investment opportunities. Khumalo was speaking on Eswatini TV’s Market Review. The minister also mentioned that they met with prospective traders who are interested in doing business with Eswatini.  He mentioned that they explored various trade opportunities, including increased sugar exports to the USA, and connecting interested parties willing to trade with the Eswatini Sugar Association (ESA). “We had more people interested in doing business with us as a country, and we have handed them over to the Eswatini Investment and Promotion Authority (EIPA),” he said.

Allocation

Khumalo further emphasised the importance of expanding intra-regional trade and promoting the guided trade initiative for further collaboration among partner States. Furthermore, worth noting is that in the 2022/23 financial year, Eswatini exported 4 per cent of its sugar to the USA after it received a base allocation of 17 213 metric tonnes (MT) and an additional allocation of 8 450 MT for fiscal year (FY) 2023 (October 1, 2022–September 30, 2023). Eswatini raw-sugar exports were forecast to rise by 4 per cent in the marketing year, beginning May 2022 through April 2023, the US Department of Agriculture said. Production was expected to increase to 545 000 MT from 524 000 tonnes in the preceding year, the US department said in its recent Eswatini annual sugar report. The rise in exports was mainly attributed to increased production and global demand, it said.

Significance

ESA is responsible for exporting all raw sugar produced, on behalf of growers and millers, the US department said.In his update, the minister of Commerce, Industry and Trade included that there were around 39 companies in Eswatini, which were now trading with the USA over a number of industries. The minister highlighted the significance of cementing and broadening relationships between countries trading with the two nations.

Comments (0 posted):

Post your comment comment

Please enter the code you see in the image:

: Birds CAF campaign
Do you agree with Mbabane Swallows' captain that his team can conquer Africa?