B.S.I. Announces Revised First Payment for Farmers

There is a bit of good news for caneros tonight as the first cane payment will increase to thirty-six dollars and sixty-five cents based on a revised first cane price estimate, which increased from forty-one dollars and fifty-six cents.  According to Belize Sugar Industries Limited, the increase fully reflects growth provided under the new Statutory Instrument giving it effect.  Despite the fact that it was less than what farmers expected, the benefit is spread over more tons of cane as a result of an increase in crop expected this year.  Nonetheless, the increase will benefit the industry significantly and marks the first time in almost a decade and a half since the industry has seen an adjustment in prices notwithstanding significant market changes over the years.  The proposed increase in local sugar price was justified on the basis that the increased price will: Recognize increased costs for cane growing, sugar manufacturing and transportation over the past fourteen years. Positively impact industry revenues and in particular result in an increase in the cane price paid to farmers. Have a negligible impact on consumers, which based on sales data, would result in an incremental increase on average for a family of four of around one dollar and fifty cents per week. Eliminate the incentive for illegal cross-border trade in sugar given the material price differential between Belize and our neighboring countries. Belize has for decades had the lowest retail price for local sugar compared to Central America and Caribbean countries. This results in the need to be tightly controlling and policing sugar sales in the local market to avoid supply shortages to local consumers.