• The coronavirus’ impact on sugar consumption is starting to show, as countries around the world are reducing their imports.
  • The Philippines’ consumption has fallen by 120kmt due to the coronavirus, meaning their need to import in H2’20 has reduced.
  • This is around a 5% drop; we forecast a similar consumption drop in other countries.
  • These trends suggest that demand for sugar will fall throughout the second half of the year.
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