China's sugar imports set to decline

Sugar imports this year were expected to exceed 3 million metric tons, accounting for 22.6 percent of the country's total sugar production, according to the latest forecast by the China National Food Industry Association.

This marks a decline from last year's record high of 3.75 million tons, accounting for 27 percent of China's total production.

According to data from the association, the value of output from the country's 290 major sugar processing companies has surged by 17.3 percent in 2012 from a year ago. Yet profits suffered a 47.2 year-on-year decline to 696 million yuan ($109 million), thanks to low prices in the international market, the association said.