Export of Surplus Sugar Contingent on Local Price Stability: Minister

The Federal Minister for Industries & Production, Rana Tanveer Hussain chaired a meeting of the Sugar Advisory Board (SAB) in Islamabad. He said that an increase in sugar prices directly impacts the public at large. “We should first meet the local demand for sugar before considering the export option to earn foreign reserves,” he added. The meeting was attended by the Federal Minister for Commerce Jam Kamal Khan and Federal Secretary for Industries and Production, Waseem Ajmal Chaudhry. The other high-ranking Federal government officials, representatives from provinces, and representatives from the Pakistan Sugar Mills Association (PSMA) also attended the meeting. The agenda of the meeting was to review the overall stock position of the sugar in the crushing season 2023-24 and to evaluate the proposal submitted by the Pakistan Sugar Manufacturing Association to export surplus stock of sugar available in the country after meeting local consumption needs. It was suggested to link export with sugar price stability in the local market. The government and the Pakistan Sugar Manufacturing Association devise a mechanism whereby price stability of sugar will be ensured before exporting surplus stock produced in the country. The provinces and PSMA would ensure a smooth supply of the commodity in the domestic market and price stability till the start of next crushing season. It was agreed to seek authenticated data on available sugar stocks, including expected sugar production from beet, and recommendations regarding export from provinces before taking any final decision on the export of sugar. The forum will again review the data in next meeting before recommending export of this essential food commodity, which may have any adverse impact on domestic price and food inflation, particularly on low-income segments.