BSI/ASR Applies for Brown Sugar Price Increase
- Agriculture & FarmingBusiness, Companies & Organizations
- July 20, 2023
- No Comment
- 1201
The cost of brown sugar remains the same, but BSI/ASR has applied for a price increase. Shawn Chavarria, the Chief Finance Officer explained that they are hoping to get approval from Cabinet soon.
Shawn Chavarria, BSI/ASR Chief Finance Officer: “We haven’t received any response to that request as yet, and we still hope that cabinet will consider it. We believe that there was strong justification for the price increase and this matter of contraband was one of the considerations, right? That when you have a price for a product that’s even below our market it can create this situation where you then have this matter of contraband where people will try to sell it in a market that is more lucrative.”
Random reports were reaching our newsroom regarding a scarcity of sugar. Chavarria assured the media that there is no scarcity, but there is a contraband strategy that BSI/ASR is keeping their eyes on.
Shawn Chavarria, BSI/ASR Chief Finance Officer: “In terms of this second query regarding scarcity of sugar, we can assure that there is no scarcity. We have enough brown sugar. We produce enough brown sugar and white sugar for the domestic market. We do know that, and we’ve heard reports of the price for sugar in Mexico and Guatemala being much higher than Belize, in some cases about three times higher than what we’re selling sugar for. And we know as well from past experience that what that could lead to is a matter of contraband. So they would take up the sugar here and contraband it across the border and sell it where they could get better prices. So it’s something that we do have to monitor and observe so that we don’t create shortages in the market. But from a production standpoint and what we have right now in our warehouses, we have more than enough sugar to satisfy the local market.”