Pakistan: Sugar mills seek government approval for sugar export

Published 2024년 7월 30일

Tridge summary

The Pakistan Sugar Mills Association (PSMA) has called on the government to permit the export of 1.5 million metric tons of surplus sugar, which could bring in a billion dollars in foreign exchange. The PSMA points out the financial difficulties faced by the sugar industry due to rising production costs and large stockpiles, as well as the negative effects on sugarcane farmers who depend on prompt payments. The association stresses the importance of establishing a permanent policy on sugar exports to stabilize the industry and support the national economy, noting that delays in decision-making have already resulted in a $300 million loss in potential revenue.

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Original content

The Pakistan Sugar Mills Association (PSMA) has renewed its plea to the government to authorize the export of 1.5 million metric tons of surplus sugar. This move, according to the association, could generate a billion dollars in foreign exchange for the country. In a statement issued here, the PSMA spokesman said that in the last meeting of SAB, Federal Minister for Industries and Production Rana Tanveer Hussain has admitted the role of PSMA in keeping the sugar price at low levels. The sugar industry has been pleading with the government for quite some time to earnestly consider export of surplus sugar due to heavy losses incurred by the industry on account of increased production costs and carrying costs of surplus stocks of 2022-23 and 2023-24 crushing seasons. The continuous production of surplus sugar year after year, along with inadequate exports and domestic sales below the cost of production, had become unrealizable and nonviable for the industry. The poor condition of ...

Source: UkrAgroConsult