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The International Sugar Organization (ISO) has raised its forecast for 2018-19 global sugar surplus to 1.83 million tonnes, up from its previous estimate of 641,000 tonnes, thanks to increased production in India and Thailand as well as a diminished outlook for sugar consumption.
Global sugar production in 2018/19 (October/September) was seen at 178.75 million tonnes, marginally above a previous projection of 178.68 million, with a decrease in output in Brazil helping to limit the extent of the rise, the inter-governmental body said in a quarterly report, Reuters reported.
Expected sugar consumption in 2018-19 was revised down to 176.91 million tonnes, from the previous forecast of 178.04 million tonnes.