The devaluation of the Fiji dollar by 20 percent is expected to increase sugar and molasses exports by $52 million this year and will benefit cane farmers as there will be an increase in cane price for 2009.
FSC Chief Executive Officer Deo Saran confirmed that their forecast price is $61.17 per tonne which is an increase of $14.91 per tonne from last year.
Saran said this will substantially increase export earnings.
The CEO added that the devaluation of the Fiji dollar comes at an opportune time when the industry has to endure an additional reduction in EU sugar prices by 21.7% from September 1st, 2009, bringing the total reduction to 36 percent.
Sugar/molasses exports expected to rise
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