PSMA Demands Export Of Surplus Sugar

Pakistan Sugar Mills Association (PSMA) has demanded of the government to allow export of surplus sugar

LAHORE, (UrduPoint / Pakistan Point News - 5th Oct, 2022 ) :Pakistan Sugar Mills Association (PSMA) has demanded of the government to allow export of surplus sugar.

Ministry of food Security has recently released the statistics of total sugar production in the country, according to which, 7,905,564 metric tonne sugar was produced during 2021-22.

Chaired by its Chairman Chaudhry Muhammad Zaka Ashraf, the PSMA held a general body meeting to discuss these figures here on Wednesday. All members of the association participated in the meeting.

The meeting was briefed that the ministry's data showed that at least 51,706 metric tonne of sugar stock was available from the previous season while 70,000 tonne sugar, produced from beetroot was available till the start of last season. This showed that the total sugar available from previous season and at the end of last season was 8,027,270 tonnes. According to the ministry's data, at least 5,316,473 metric tonne sugar had been taken from the stocks or consumed till September 30, 2022. While, the country's daily sugar consumption stood at approximate 15,980 tonnes. The ministry's data proved that at least 1,736,017 metric tonne surplus sugar would be available at the start of next crushing season in November this year.

Foreign exchange to the tune of US $1 billion could be earned if this surplus sugar was exported, they said and added that another US $1 billion could be earned due to excess sugar production from next season.

They mentioned that recent rains proved beneficial for sugarcane crop which increased its yield capacity. This means that in next season, sugar would be produced in surplus quantity.

Sugar industry had for the last seven months been demanding export of surplus sugar, citing that sugar price in the international market had dropped from US $ 560 per tonne to US $ 528.7 per tonne till date and it would further decrease to US $ 427 per tonne in February-March which would cause colossal loss to national exchequer in terms of exports revenue, if an early decision was not taken regarding export of surplus sugar.

Calculating the estimates of previous and next year's season, at least 3,561,697 tonne excess sugar would be produced so the government should export this surplus sugar to earn foreign exchange, the PSMA general body demanded. They claimed that it would equally benefit sugarcane farmers, sugar industry and the government.

The PSMA general body meeting requested the government to allow export of surplus sugar.