China Cuts Sugar Imports on Higher Production

● China imported only 30,000 mt of sugar in May, down 77.8% YoY — the lowest monthly figure since February 2025.

● Still, on a cumulative basis since October 2025, Chinese sugar imports totaled 2.420 mmt, 38.8% higher than the same period of 24/25.

● A comfortable domestic S&D balance appears to have put a lid on Chinese appetite for imports.

● China’s 25/26 crop is expected to end with a record 12.40 mmt of sugar produced — an all-time high.

● It comes as no surprise, then, that there are rumors that out-of-quota sugar imports may be suspended.