Economy, Domestic Economy
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Downturn in Sugar Business

Downturn in Sugar BusinessDownturn in Sugar Business

Although sugar beet production grew in the past Iranian calendar year (ended March 20), sugar business is in a slump, said secretary of Iranian sugar factories syndicate, Bahman Danayi, as reported by IRNA.  About 1.3 million metric tons of sugar and sugar cubes were produced last year; however, “the products were not sold in time due to the government’s 4-month delay in pricing,” said the official. Due to the western economic sanctions against Iran over its nuclear energy program, 60 percent of the country’s sugar consumption is supplied domestically, he said, adding that about 1.4 million tons of sugar products are anticipated to be produced in the current Iranian calendar year. According to the official, out of 36 sugar and sugar cube production factories in 17 provinces across the country, 8 have been shut down over the past 8 years. Iran consumes 2.2 million metric tons of sugar-related products annually.

Financialtribune.com