PSMA For Early Decision Regarding Sugar Export

LAHORE, (UrduPoint / Pakistan Point News - 28th Apr, 2024) Pakistan Sugar Mills Association (PSMA-Punjab Zone) has urged the government to take an early decision on export of surplus sugar and formulate an effective and permanent policy in this regard.

The PSMA spokesperson told the media here Sunday that data of surplus sugar stocks has been ascertained after having a number of meetings with relevant departments and it was confirmed that sugar mills have stock of 1.5 million tonnes of surplus sugar which could be exported and foreign exchange of nearly US$1 billion could be earned for the country.

He claimed that if sugar export was allowed when the initial request was made by the PSMA then prices of sugar in the international market at that time was above US$700 per metric tonne, but after lapse of so much time the international prices have gone down to US$560 per metric tonne. Hence opportunity for the government to earn more foreign exchange is decreasing rapidly. Any further delay would be causing continuous loss to the country, he added.