Govt allows to export 150,000 mt sugar

The government has allowed exporting of 150,000 metric tons of sugar and directed to maintain local stocks to ensure the smooth supply of the commodity in local markets at a sustainable price, reported 24NewsHD TV channel on Monday.

The decision to this effect was taken in the meeting of the Sugar Advisory Board which met here with Minister of Industry and Production Rana Tanveer Hussain in chair.

In this regard, an agreement was signed between the government and Pakistan Sugar Mills Association.

The initial proposal allows for the export of 150,000 metric tonnes of sugar, significantly less than the 4.5 lakh metric tonnes sought by the Pakistan Sugar Mills Association (PSMA).

Officials from the federal food department reported that this decision comes in light of the PSMA’s request to the Ministers of Finance and Commerce, advocating for higher exports based on the surplus sugar production this year.

A summary of the sugar export decision would be presented in a meeting of the Economic Coordination Committee (ECC) of the cabinet.

The officials vowed that the ex-mill rate of sugar would not be allowed to go above Rs 140 per kg.

There will be an agreement between the government and PSMA that the decision to export more sugar would be based on the prices of sugar in the market.

The price of sugar in the market will not be allowed to increase, sources added.

The PSMA had demanded the export of 1.5 million metric tons of sugar, sources said adding that it also demanded permission to export 5 lakh tons of sugar in the first phase.

Reporter: Waqas Azeem