The November 14, 2024 inauguration of the agricultural export-inclined port of Chancay in Peru will open up Asian-Latin American trade. During the event, China’s president Xi Jinping hailed the $1.3-billion undertaking north of Lima as a logistics game-changer. According to Xi, the port that his country’s Cosco Shipping LLC built, marks the beginning of the “21st century maritime Silk Road.” This is a...
Following steep sugar pricing, sugar wholesalers in Burundi have requested for proximate sugar depots to help manage operating costs. According to the Agence Burundaise dé Presse (ABI) on November 15, 2024, the wholesalers in Burunga want a local depot. They cite that they currently have to go long ways to obtain the sugar. Sugar in Burundi is a state-controlled...
Global sugar prices increased by 2.6% in October 2024 due to weather uncertainty in Brazil, inching up the monthly Sugar Price Index. According to the Food and Agriculture Organization (FAO), the monthly index for the sweetener increased by 3.3 points to 129.6 points. The value appreciated in tandem with that of cereals (0.8% up), vegetable oils (7.3% up)...
The Philippines on November 17, 2024 became the first Asian nation to gain approval to export hass avocados to Japan. The fruit-rich Mindanao island has already relayed the first shipment worth 2.4 million pesos ($40,896), kicking off the exports. “This is a testament,” partially reads the acknowledgment of the Department of Agriculture (DA), in praise of the remarkable agricultural export expansion. Strategic to...
The main biannual Robusta coffee harvest in Vietnam continues mid-November 2024, bringing with it mixed pricing dynamics. By November 8, the bountiful harvest had impacted prices downward by 20% since the April high, to 106,000 dong ($4.17) a kg. Zooming in a week later, international market dynamics favored prices, helping Vietnam’s farmers earn more for their beans. As the...
The Punjab state government on November 14, 2024 promulgated the Agricultural Income Tax Amendment Bill to include livestock income tax. Amid strong opposition from a pro-farmers party, the government still prevailed and aimed a blow at especially livestock keepers. From 2025, failure to pay livestock levy on time will attract a daily penalty equal to 0.1% of...
Global sugar prices have finished mixed after recent lows, following reports of downward cane harvest in late October in southern Brazil. Sugar #11 or unrefined type traded 0.61% up day-on-day in New York’s futures on November 13, 2024. This is even as sugar #5, the code for white sugar, moved downward on the same day by -1.38%. Raw cane...
The nearing holiday season, the eastern European war spillover and high demand are all making butter prices in USA dear. According to the U.S. Department of Agriculture (USDA) in its November 8, 2024 market report, grade AA butter averaged $2.65 a pound. The ongoing Ukraine-Russia war is not helping either for it is forcing imports from the U.S. by...
Peru has announced robust agricultural exports ahead of the November 15, 2024 Asia-Pacific Economic Cooperation (APEC) forum in Lima. The South American nation saw its agricultural shipments to its biggest destination, China, rise by 3% in 2023, according to Gestión. This bilateral trade is slated to expand to feature chestnuts, frozen mango and pecans, per an APEC-affiliated...
The resumption of import duty and the approval of field trials of genetically modified strains define the 2024 South Africa wheat headlines. Regarding import duty, in July 2024 South Africa applied a 176.30-Rand ($9.70) per tonne tariff, reversing a three-year duty-free run. However, the tariff reintroduction applies only to global markets and exempts the Southern Africa Development...