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May 6, 2003 - Tuesday |
Big trade profits on sugar exports
Serbian traders exported 370,000 tons of sugar to the EU at a price of €600 per ton. The average world market price for sugar is €250 per ton. Some Serbian traders realized a total profit worth nearly €130 million, by selling domestic sugar to the EU and importing sugar for domestic consumption. There are nearly 70 sugar dealers in Serbia.
Total surplus of sugar in Serbia last year was 70,000 tons and the EU allowed to Serbia to export only domestic production surpluses. But Serbian authorities didn’t establish any control system to disable abuses. In this way, benefits intended to increase sugar production finished as huge trading profits.
Director of Jugosecer (the Association of Serbian sugar producers) Ratomir Vasiljevic considers that Serbian sugar wouldn’t have been exportable if the EU hadn’t approved the special exemption because the world market price isn’t profitable.
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