The government's sugar reserves are very limited due to the minimal realization of consumption and raw sugar imports assigned to 16 companies. On the other hand, Gapmmi said, the price of refined sugar is already above consumer sugar.
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As of October 5, 2023, the imported consumption of sugar is only 249,781 tons or 24.69 percent of the total quota. Arief explained that the total realization of imports by the 16 companies is still low due to many companies considering the high global sugar prices and the weakening of the rupiah. In the midst of this situation, NFA still requested that the companies immediately realize the imports so that the government has enough sugar reserves until next year.
The price almost reached the highest price in the last 12 years, which was on September 19, 2011, at 27.5 cents per pound. Meanwhile, based on the Jakarta Interbank Spot Dollar Rate reference rate, the exchange rate of the rupiah was at Rp 15,702 per US dollar or weakened by 2.27 percent on a monthly basis.
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