Guatemala: Sugar Market 2024

Sugar Market Size in Guatemala

The Guatemalan sugar market declined to $X in 2022, waning by -13.8% against the previous year. Over the period under review, consumption, however, enjoyed a notable expansion. Sugar consumption peaked at $X in 2021, and then dropped in the following year.

Sugar Production in Guatemala

In value terms, sugar production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable descent. The pace of growth appeared the most rapid in 2017 when the production volume increased by 12% against the previous year. Sugar production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

The average yield of sugar in Guatemala was estimated at less than X kg per ha in 2022, remaining constant against the previous year's figure. 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 2022, the sugar harvested area in Guatemala amounted to less than X ha, approximately mirroring 2021 figures. Over the period under review, the harvested area saw a relatively flat trend pattern.

Sugar Exports

Exports from Guatemala

In 2022, shipments abroad of sugar was finally on the rise to reach X tons after two years of decline. In general, exports, however, recorded a abrupt slump. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, sugar exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a abrupt decline. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of sugar exports from Guatemala, together accounting for 61% of total exports. Canada, Peru, Haiti, Spain, the UK, Chile and South Korea lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +19.2%), 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 ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 60% share of total exports. Canada, Peru, Haiti, Spain, the UK, Chile and South Korea lagged somewhat behind, together accounting for a further 31%.

The UK, with a CAGR of +15.3%, recorded 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 2022, growing by 25% against the previous year. Overall, the export price, however, continues to indicate a mild decline. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Haiti ($X per ton) and South Korea ($X per ton), while the average price for exports to the UK ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+1.2%), while the prices for the other major destinations experienced a decline.

Sugar Imports

Imports into Guatemala

In 2022, approx. X tons of sugar were imported into Guatemala; which is down by -40.7% on the previous year. Over the period under review, imports continue to indicate a dramatic decline. The most prominent rate of growth was recorded in 2019 with an increase of 3,039%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sugar imports shrank markedly to $X in 2022. In general, imports continue to indicate a dramatic descent. The pace of growth was the most pronounced in 2019 with an increase of 3,415% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, South Korea (X tons) was the main sugar supplier to Guatemala, accounting for a 97% share of total imports. It was followed by the United States (X kg), with a 1.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea stood at +115.2%.

In value terms, South Korea ($X) constituted the largest supplier of sugar to Guatemala, comprising 89% of total imports. The second position in the ranking was held by the United States ($X), with a 2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from South Korea totaled +138.7%.

Import Prices by Country

In 2022, the average sugar import price amounted to $X per ton, falling by -44.4% against the previous year. Over the period under review, the import price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the average import price increased by 152% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for South Korea amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+206.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform