Islamabad: Sugar mills in the country have yet not exported any amount of sugar out of the 250,000 tons allowed by the government, reports Brecorder.
The decision of allowing sugar exports was reconsidered three times by the Economic Coordination Committee (ECC) of the Cabinet. The industry is still finalizing the norms set by the State Bank of Pakistan (SBP) and several ministries including the Ministry of Industries and the Ministry of Commerce, as per the Pakistan Sugar Mills Association (PSMA).
The PSMA officials stated that the industry is busy fulfilling the requirements of the government and the export would start once they complete the formalities.
The sugar industry has demanded permission to export sugar up to one million tonnes as there was more than sufficient sugar stock required for domestic use. The prices of sugar in the global market in December 2020 when the PSMA was aggressive to export sugar were around $530-534 per tonne which has now reached $566.65 per tonne in February 2023.
According to the sugar industry, allowing the export of one million tons of refined sugar would bring over $ 1.25 billion in foreign exchange which is much needed for the country.
