Sugar quota announced
(N.Z. Press Assn.—Copyright) LONDON, Nov. 22. The International Sugar Organisation has announced that it has set the 1971 overall sugar export quota to the world’s free market at 95 per cent of the basic quota. The 1.5.0. Council meeting in London, has also decided that if the prevailing price of sugar exceeds US4c per lb before the end of 1970, automatic provisions calling for a restoration of this year’s export quota to 100 per cent shall not apply. This year’s quota is 90 per cent of the basic. The Soviet Union’s right to re-export sugar to the free market in 1971 will remain unchanged at 1,150,000 tons. The 1.5.0. still has on paper, about 400,000 tons of the total 823,000 tons of declared shortfalls to redistribute and meet any contingency should prices go above the US4c per lb level. Last year, the total export tonnage, including quotas and fixed export entitlements, was 8,591,000 tons to the free market. Next year, the total is expected to reach between 8.8 million and 9 million tons.
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Bibliographic details
Press, Volume CX, Issue 32462, 24 November 1970, Page 14
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176Sugar quota announced Press, Volume CX, Issue 32462, 24 November 1970, Page 14
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