Guatemala: Sugar Market 2024

Sugar Market Size in Guatemala

The Guatemalan sugar market skyrocketed to $X in 2023, growing by X% against the previous year. In general, consumption recorded a measured increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Sugar Production in Guatemala

In value terms, sugar production reached $X in 2023 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2022 with an increase of X%. Over the period under review, production reached the maximum level in 2023 and is expected to retain growth in years to come.

The average yield of sugar in Guatemala stood at less than X kg per ha in 2023, standing approx. at the year before. In general, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the total area harvested in terms of sugar production in Guatemala totaled less than X ha, remaining stable against 2022. Overall, the harvested area recorded a relatively flat trend pattern.

Sugar Exports

Exports from Guatemala

In 2023, exports of sugar from Guatemala contracted significantly to X tons, declining by X% compared with 2022 figures. Over the period under review, exports showed a noticeable curtailment. The pace of growth appeared the most rapid in 2022 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

In value terms, sugar exports reduced remarkably to $X in 2023. Overall, exports showed a noticeable decline. The growth pace was the most rapid in 2022 when exports increased by X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Taiwan (Chinese) (X tons) and Chile (X tons) were the main destinations of sugar exports from Guatemala, with a combined X% share of total exports. Mexico, Peru, Haiti, Spain, Jamaica, Canada, New Zealand, the UK, Togo and Poland lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sugar exported from Guatemala were the United States ($X), Taiwan (Chinese) ($X) and Chile ($X), together comprising X% of total exports. Mexico, Peru, Haiti, Spain, Jamaica, Canada, the UK, Togo, New Zealand and Poland lagged somewhat behind, together comprising a further X%.

Poland, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sugar export price stood at $X per ton in 2023, growing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2023, amid the top suppliers, the countries with the highest prices were Spain ($X per ton) and the UK ($X per ton), while the average price for exports to New Zealand ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Sugar Imports

Imports into Guatemala

In 2023, purchases abroad of sugar was finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2019 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

In value terms, sugar imports soared to $X in 2023. Overall, imports, however, saw a pronounced downturn. The pace of growth appeared the most rapid in 2019 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, the United States (X tons) constituted the largest sugar supplier to Guatemala, with a X% share of total imports. Moreover, sugar imports from the United States exceeded the figures recorded by the second-largest supplier, El Salvador (X kg), more than tenfold. The third position in this ranking was held by South Korea (X kg), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: El Salvador (X% per year) and South Korea (X% per year).

In value terms, the United States ($X) constituted the largest supplier of sugar to Guatemala, comprising X% of total imports. The second position in the ranking was held by El Salvador ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: El Salvador (X% per year) and China (X% per year).

Import Prices by Country

The average sugar import price stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the import price continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, average import prices attained the maximum in 2023 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by El Salvador (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform