Govt allows millers to export 0.5 million metric tonnes of sugar

ISLAMABAD: The federal government has opted to export 500,000 metric tons of sugar, as reported by Hum Investigation (HIT). This decision follows consultations with multiple departments.

During the meeting on May 29, the Ministry of Industries and Production, Ministry of Commerce, Ministry of Food, Sugar Advisory Board, provincial governments, and All Pakistan Sugar Mills Association reached a consensus on exporting sugar.

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Exporting sugar is contingent upon sugar mill owners refraining from raising prices this year. The process of sugar importation will begin after June 30.

The relevant ministries have also assessed the sugar stock position during the harvest season. Provinces have presented the current stock position and demand for sugar to the Sugar Advisory Board during the harvest season. This year, the total sugar production in the country is 6.8 million metric tons. According to statistics, there is an excess stock of 700,000 metric tons with mills compared to last year.

According to the statistics, the annual national requirement is 6 million metric tons. The Pakistan Sugar Mills Association informed the Sugar Advisory Board during its briefing that there is currently a stock of 4.5 million metric tons with sugar mills. Currently, there is an excess of 1.5 million metric tons of sugar compared to requirements.

The Pakistan Sugar Mills Association has urged for authorisaation to import extra sugar, potentially earning the government $700 million in return.

Federal Minister for Industries has ensured uninterrupted sugar supply and stability in prices until the beginning of the next crushing season.

Minister for Industries Rana Tanveer Hussain has also expressed concern that in the past, permission to import sugar had led to significant price increases later on. He said it must be ensured that sugar prices do not rise with the export. Fulfilling local demand for sugar before export is essential. Federal Minister Rana Tanveer has stated that protecting the interests of local sugar consumers is the government’s top priority.