Global Sugar Prices Declined Almost Twice, But Armenia Seems to Be Far Unaware

Beginning from the middle of January the global markets have seen a slump (almost 53%) in sugar prices, while Armenia seems to be totally unaware of what is happening in the global market.

The global sugar price on January 26 was 29.8 cent/lb (1kg equals to $0.66 USD/ about 260 AMD). This was the highest price during the recent year.

On May 17 sugar cost 14.13 cent/lb (1kg equals to $0.3 USD or about 120 AMD).

So, it turns out that the sugar price in the global market has decreased from 260 AMD to 120 AMD, while in Armenia, it has been just the contrary: the sugar price has continuously grown, which has been reflected also in the official date provided by the Armenian National Statistical Service.

So, compared to last December the sugar price has increased for 12.6%, while in comparison to the January-February 2009 the price has seen a 32.5% increase. There price has risen even in April.

According to local Armenian business daily Capital given the drop of prices in the global market, such rise in sugar prices in Armenia is just an abuse of the monopolistic position of Alex Grig - a local company that imports about the 99% of sugar to Armenia.
Ironically, the State Commission for Protection of Economic Competition of the Republic of Armenia has not yet filed any case.