The Sugar Advisory Board (SAB) has permitted sugar mills to export 500,000 tons of sugar, provided that they initiate the sugarcane crushing season before November 21, 2024, reported Pakistani media.
The advisory board convened on Tuesday, chaired by Federal Minister for Industries and Production Rana Tanveer Hussian.
During the meeting, representatives from the PSMA informed government officials that Pakistan has approximately 1.6 million tonnes of surplus sugar this year that should have been exported. In June 2024, the government permitted the PSMA to export 150,000 tonnes of sugar, which was later increased by an additional 100,000 tons in August. Additionally, 40,000 tons were authorized for export on a government-to-government basis to Tajikistan. With the recent conditional approval for the export of 500,000 tons, the total exportable quantity will amount to 790,000 tons.
The meeting also noted a decrease in the retail price of sugar, which fell by Rs. 6 per kg over four months, from Rs. 143.15 on June 13 to Rs. 137.51 per kg as of October 3. The ex-mill price of sugar was reported at Rs. 124.2 per kg on October 7.
Officials from the State Bank of Pakistan informed the meeting that banks have received $81.82 million in proceeds from 118,312 metric tonnes shipped by October 4.
In a statement from the Ministry of Industries, Federal Minister Rana Tanveer emphasized that millers must begin the sugarcane crushing season by November 21, 2024, and directed that all payments to sugarcane farmers be settled by sugar mill owners.
The minister also insisted that sugar mills complete their exports within three months, highlighting the government’s commitment to stabilizing the industry.
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