Canadian Maple Syrup is sold in a gift shop in downtown Victoria, British Columbia, Canada, on Monday, November 25, 2013. Photographer: Ben Nelms / Bloomberg
New York, NY (CNN) -
Amid shortages, Canada is tapping into its strategic reserves.
This time for the maple syrup.
Quebec maple syrup producers, a leading trade group, said they are releasing approximately 50 million pounds (almost 23 million kilos) from their strategic syrup reserves, nearly half of what is stored, Bloomberg reported for the first time.
The government-backed organization, often referred to as the maple syrup OPEC, uses its reserves to control prices and supply of the syrup.
As of 2020, Quebec produced 73% of all the world's maple syrup, and its largest customer by far is the United States, which accounts for about 60% of Canada's export volume.
The strategic reserve was created to have honey in stock during bad harvest seasons or when demand increases.
Such is the case right now, after a short, warm spring that led to lower yields.
Historically, 2021 was an average year for maple production in Quebec, with a harvest estimated at 133 million pounds, but sales were up 21% compared to last year, depleting the available supply.
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The producers did not immediately respond to requests for comment from CNN Business.
"The pandemic helped in our case because we are seeing people cook more at home and use more local products," said the group's spokeswoman, Helene Normandin, in an interview with Bloomberg.
"It is not only in Quebec where the demand is increasing."
The reservation has made headlines in the past.
Between 2011 and 2012, 3,000 tons of syrup, valued at nearly C $ 20 million, were secretly diverted from reserve in a notorious robbery known as the Great Maple Syrup Heist in Canada.
Canada Trade Shortage
