Export of surplus sugar to be linked with sugar price stability in the country: Sugar Advisory Board

ISLAMABAD, April 17 (SABAH): Federal Minister for Industries and Production Rana Tanveer Hussain chaired a meeting of the Sugar Advisory Board (SAB) in Islamabad. The meeting was attended by the Federal Minister for Commerce Mir 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 overall stock position of the sugar in crushing season 2023-24 and to evaluate proposal submitted by Pakistan Sugar Manufacturing Association to export surplus stock of sugar available in the country after meeting local consumption needs.

Rana Tanveer Hussain reiterated that increase in sugar prices directly impact the public at large. We should first meet local demand of sugar before considering export option to earn foreign reserves.

 It was suggested to link export with sugar price stability in the local market. Government and Pakistan Sugar Manufacturing Association to devise a mechanism where by price stability of sugar will be ensured before exporting surplus stock produced in the country. The provinces and PSMA would ensure smooth supply of commodity in the domestic market and the price stability till 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.