Excerpts from The Barbados Advocate article Developments In Sugar Industry …
AS this country prepares for a new planting season for sugar, official reports have put this year’s export earnings for that commodity at just over $40 million. Central Bank of Barbados information reveals that sugar sales to the European Union (EU) netted $40.2 million in 2006.
The amount was below the $44.3 million earned from the 2005 sugar crop…
Sugar produced in Barbados is sold to the EU under the terms and conditions of the Cotonou agreement. However, from next year Barbados will be getting a reduced price for its sugar sold to the EU.
Beginning early 2007 the EU could be instituting its 36 per cent price cut, a move which has forced the Owen Arthur administration to reform the industry into a sugar cane one. ACP producers have criticised the EU for moving to lower the price, saying it will create some economic fall out.
However, the EU has proposed a major financial package for the affected countries…
…read the rest of the Barbados Advocate article here
“Some Economic Fallout…”
Yes folks, if sugar revenues fall another 36% after this year’s disaster, there will be “some economic fallout”.
It is a good thing that the Owen Arthur Government recognized a decade ago that sugar revenues were crashing and that Barbados had better plan for new innovative revenue streams!
Remind me… what was the Barbados government plan to replace the sugar revenues?
Oh ya… I remember now…
1/ Beg the Europeans for money – playing upon white man’s guilt.
2/ Sell the rest of the island to foreigners.
Ya… good plan, Owen!
photo by Shona in the NorthWest