The Mexican government is closely watching domestic sugar prices and could allow sugar imports if prices do not fall closer to world levels, Mexico’s economy minister said on Tuesday.
“We don’t want our consumers to pay a higher price in Mexico,” Mexican Economy Minister Bruno Ferrari told Reuters in an interview. “If we don’t see the price going down as it is going down around the world, then we will import the sugar.”
Mexico has been considering establishing an import quota for 250,000 tonnes of sugar to alleviate shortages due to a drought. Last week, a Mexican Economy Ministry official said an announcement of the quota could come in April.
Mexico may not need the quota if the gap between world and Mexican sugar prices continues to narrow, Ferrari said.
“So far, we hope this is going to be solved. We are seeing the price also being reduced in Mexico. Hopefully, this is going to be solved,” Ferrari said.