Sugar support measures around the world and in ASEAN. Vietnam Sugar Association, 15 February 2010 Presentation by Martin Todd

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1 Sugar support measures around the world and in ASEAN Vietnam Sugar Association 15 th February 2010 Vietnam Sugar Association, 15 February 2010 Presentation by Martin Todd 1

2 Presentation structure Sugar sector support Implications for prices Conclusions 2

3 Sugar sector support 3

4 Countries offer support to their sugar industries in many forms Import tariffs Licensing systems Minimum cane/sugar prices Market clearing mechanisms Other support measures: non-tariff barriers Other support measures: non tariff barriers, direct support to cane growers etc 4

5 Import tariffs are the most common type of support EU Current import tariffs on white sugar Japan United dstates India (Exporter) China (out-of-quota) Philippines Thailand Brazil Indonesia China (in quota) India (Importer) Australia 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 5

6 Are import licences also used to control imports? Yes No Australia Brazil China EU India Indonesia Japan Philippines Russia Thailand US 6

7 For surplus producers, tariff are only effective if the domestic market can be cleared of surpluses Market clearing mechanism South Africa India Colombia Thailand Guatemala No market clearing mechanism Australia Brazil 7

8 Other support measures that help support prices Non-tariff barriers. Vitamin A fortification in Guatemala M k t t ti I I d i th di t Market segmentation. In Indonesia, the direct consumption market is reserved for sugar produced from the domestic cane industry 8

9 Direct support to growers Thailand. Between 1998/ /08, the government made supplementary payments to growers to support the sugar price totaling 775 million. This was repaid from VAT receipts and a levy on sugar sales. Australia. Following a period of low sugar prices, the government provided grant funds totaling 440 million to support the restructuring of the industry. 9

10 Implications for prices 10

11 Support measures have ensured sugar prices have traded well above the world price in most countries Philippinesi United States Domestic white sugar prices, Japan 1,750 Australia China Indonesia Thailand India Brazil World white sugar price ,000 1,200 US$ per tonne 11

12 Prices in most countries have traded at a substantial premium to the world price Domestic prices % world white sugar price Japan 370% Philippines United States Indonesia Australia China Thailand India Brazil 0% 50% 100% 150% 200% 250% 12

13 Conclusions 13

14 Conclusions All countries offer some support to their industries The support is often in the form of price support, but this is not necessarily the case Even the most free market or cost efficient industries (e.g. Australia & Thailand) have received support in times of economic hardship This was true especially when world sugar prices were depressed by the weak Brazilian currency 14

15 Conclusions planning for uncertainty The sugar market is extremely volatile and sugar industries are vulnerable to shocks such as Brazil s weak currency early last decade which can be sustained for lengthy periods If national sugar industries are to continue during these periods, sugar policies need to be designed to provide protection against these type of shocks in the future 15

16 Thank You 16

17 New York 1841 Broadway New York, NY USA Oxford (HQ) George Street Oxford OX1 2AF UK Kuala Lumpur Level 2, No 33 Jalan Tengku Ampuan Zabedah B 9/B Seksyen 9, Shah Alam Selangor Darul Ehsan Malaysia T +1 (212) F +1 (212) T F T F LMC International, 2011 All rights reserved This presentation and its contents are to be held confidential by the client, and are not to be disclosed, in whole or in part, in any manner, to a third party without the prior written consent of LMC International. While LMC has endeavoured to ensure the accuracy of the data, estimates and forecasts contained in this presentation, any decisions based on them (including those involving investment and planning) are at the client s own risk. LMC International can accept no liability regarding information analysis and forecasts contained in this presentation. 17

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