The international sugar prices have decreased in the new sugar crop season, which has the Belize Sugar Industry (BSI) concerned. The price decrease came into effect in October of this year, due to the end of the European Union’s (EU) quota system. As the leading refining industry of processed raw cane sugar, the EU previously purchased the product from Belize at a preferential price.
The European Union was the only sugar industry that was subjected to a quota system. It was introduced with the first rules on the sugar common market organization (CMO) in 1968, along with a support price for producers at a level significantly above the world market price. The quotas system helped raw sugar-producing countries achieve various goals in the sugar sector.