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Economy

Thailand cuts 500,000 tons of raw sugar exports amid plunging prices

Production to be reallocated to local ethanol makers as biofuel demand rises

A worker harvests sugar cane in Thailand   © Getty Images

BANGKOK -- Thailand, the world's second biggest sugar exporter after Brazil, has decided to cut its exports of raw sugar by at least 500,000 tons this year, as a swelling global surplus and falling prices make it less worthwhile to export it.

The 500,000 tons is to be sold to local ethanol producers, as demand for the biofuel is expected to climb along with the rising trend in oil prices.

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