Feb. 2 (Bloomberg) -- About 38 percent of all the sugar waiting to be loaded at ports in Brazil, the world’s largest producer, will be shipped to the Middle East and North Africa, according to data from Williams Servicos Maritimos Ltda.
Vessels heading to the so-called MENA region will carry 219,350 metric tons of the sweetener from ports located in the Northeast and the Center South, Brazil’s main sugar producing areas, data from the shipping agency e-mailed yesterday showed. Algeria is set to receive 60,550 tons, Egypt 52,000 tons and Saudi Arabia 47,000 tons, according to the data.
Egypt’s cabinet agreed to extend a tax exemption on imports of raw sugar from June 30 to Dec. 31, Fayza Aboulnaga, planning minister, said today in Cairo.
Ships were waiting at the ports of Recife, Suape, Maceio, Santos and Paranagua to load about 570,681 tons of the sweetener, the data showed. Santos is Brazil’s biggest port.
White, or refined, sugar for March delivery dropped 0.2 percent to $628.50 a ton by 12:42 p.m. on NYSE Liffe in London. Raw sugar for March delivery slid 0.4 percent to 23.51 cents a pound on ICE Futures U.S. in New York.
--With assistance from Abdel Latif Wahba in Cairo. Editors: Sharon Lindores, Dan Weeks
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.