Interim Government Delays Sugar Export Decision, Seeks Stock Details from Millers

In a recent development the Caretaker Government of Pakistan has deferred the decision to export 250,000 metric tons of Sugar Opting to first Gather details on available Stock from Sugar mill Owners. The Decision was made during a meeting of the Sugar Advisory Board (SAB) Chaired by Caretaker Industries and Production Minister Dr. Gohar Ijaz.

During the meeting sugar mill owners Requested Permission to export 250,000 metric tons of Surplus sugar. However the advisory board chaired by Dr. Ijaz Postponed the Decision until Thursday and directed Sugar mill Owners to Provide detailed information on their Sugar stock by the Next meeting.

The Pakistan Sugar Mills Association (PSMA) Claimed to have 1.13 Million Metric tons of Sugar in stock Surpassing the Country’s annual requirement of around 0.7 million metric tons.

Sugar exports during the fiscal year 2023 Reached 215,751 tonnes Generating 4 million compared to zero exports in fiscal year 2022. In the July-September Quarter of 2023-24 Exports amounted to 35,102 tonnes earning million a Notable increase from the Corresponding Quarter in the Previous fiscal year.

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The Sugar Advisory Board also approved the Minimum Purchase Price (MPP) for Sugarcane at Rs425 per 40 kg for Sindh and Rs400 per 40 kg for Punjab for the Crushing Season 2023-24. The meeting Highlighted that the Sugar Crushing season in Sindh had already commenced with Punjab set to begin on November 25.

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The Previous Government under the Pakistan Democratic Movement (PDM), had Permitted the export of 250,000 metric tons of Sugar in December 2022. However this came with the Condition that the local market’s Sugar Price would not exceed Rs100 per kg a Condition that was Surpassed as Sugar Prices reached an all-time high of Rs200 per kg earlier this year following the exports.