By Belize Live News Staff: Belize’s sugar industry is celebrating a much-needed win with a record-breaking second payment for sugar, defying a challenging season plagued by weather-related obstacles.
The second payment, totaling $75.20, surpasses last year’s record by five dollars. This comes after a difficult season marked by excessive rain and muddy conditions, which hampered cane harvesting and production efforts.
ASR/BSI CFO Shawn Chavarria attributed the remarkable payment to investments in improving sugar quality and streamlining logistics, combined with a rise in global sugar prices. He also expressed optimism for the final payment expected in November, suggesting the possibility of even greater returns.
Despite the record payment, this season has been lackluster in terms of overall yield and productivity. The company processed more sugarcane this year but produced less sugar, indicating a lower cane-to-sugar ratio.
Chavarria emphasized the necessity of improved harvesting practices to boost yields and further elevate sugar prices in the coming years.
