Ukraine increased sugar exports by 11% in 2025/26 MY, despite low world prices
In the 2025/26 MY, despite low world prices, war risks, and logistical problems, Ukraine increased sugar exports by 11% compared to the previous season, from 580 to 646 thousand tons, thanks to which it received 300 million in foreign exchange earnings, the Ukrsugar Association reports.
A shift to Central Asian markets, while quotas to the EU were limited, helped to boost exports. Uzbekistan (17% of total exports) and Lebanon (16%) were among the largest buyers.
Deliveries to the EU accounted for 20% of all exports (+3% year-on-year), of which 55% was purchased by Bulgaria. However, experts note that for most export destinations, prices were below the cost of production.
Low profitability of production has led to a reduction in the area under sugar beets for the 2026 harvest to 162 thousand hectares, which is the lowest figure since Ukraine's independence. But Ukrsugar predicts that thanks to modern technologies, sugar production in the 2026/27 MY will amount to 1.2 million tons, which will allow to ensure domestic demand and form an export reserve of about 300 thousand tons.
The volume of further exports will depend on logistical capabilities, access to the EU market and the global market situation, as the projected decrease in sugar production in the EU by 3 million tons and adverse weather in India and Thailand may lead to an increase in prices.
Last season, the world sugar surplus was 3-5 million tons, so futures for white sugar No. 5 on the London Stock Exchange were trading at $410-430/ton. However, due to dry weather in France, October futures rose by 22% to $525/ton (+15% year-on-year) in July-August, and for cane sugar No. 11 in New York - by 22% to $396/ton (+11% year-on-year) since the end of July.
In Ukraine, sugar prices in the 2025/26 MY fell from 25,000-27,000 UAH/t to 19,000-21,000 UAH/t, but have now risen to 23,000-25,000 UAH/t and may continue to grow against the backdrop of increasing domestic and later export demand.
