'Changes in the European Sugar World'

摘要

The conclusion is that Europe will undoubtedly produce much less than in the past. The availability of European white sugar will be shorter on the world scene.rnThis means that some European producers will therefore not be able to seize the growth opportunities on the world market. Conversely, others which have invested in LDC countries and in Brazil, like Tereos, will be able to benefit from the expansion of the world sugar trade, as well as from the growth of the ethanol market.rnThe sugar reform has long been awaited by EU competitors.rnHere it is now, with reduced prices, more competition, less subsidies, higher market access, and this is really an historic achievement. The new WTO agreement on agriculture will do the rest.rnHowever, a few European producers will be able to survive in this new environment, and new trade flows will emerge within Europe, with remaining producers being able to feed, almost instantly, the new deficit regions. In these deficit regions where beet will no longer be competitive, it is questionable whether refining will increase significantly as an activity, with new refining units in the southern part of Europe. Our guess is that refining will expand, but moderately.rnThank you very much for your kind attention.