Cabinet Approves Export of 500,000 MT Surplus Sugar
The federal cabinet on Wednesday approved the export of 500,000 metric tonnes of sugar through a circulation summary. This decision follows the approval from the Economic Coordination Committee (ECC) of the Cabinet last week. The ECC approved a summary submitted by the Ministry of Industries and Production, allowing further export of 500,000 metric tonnes of sugar due to the availability of sufficient surplus stocks. This surplus exists even after accounting for proposed and ongoing exports, the requirements for the remaining two months of the ongoing crushing year, and the maintenance of strategic reserves.
The committee approved the summary with the same terms and conditions as allowed by the ECC’s decision on September 20, 2024, with the following modifications:
- This permission is subject to the provision of an undertaking by the Pakistan Sugar Mills Association (PSMA) that their mills will commence production by November 21, 2024, for the next crop year. The export quota of any non-compliant mill will be revoked.
- Exporters must ensure that the consignments are shipped within ninety (90) days of the allocation of the quota by the respective Cane Commissioners.
- This permission may be revoked by the Sugar Advisory Board (SAB) at any time in the interest of market stability and maintenance of retail prices.
Additionally, the ECC directed that the Cabinet Committee on Monitoring Sugar Exports regularly monitor and update the cabinet on the demand, supply, and price situation of sugar in the country, including the export of 500,000 metric tonnes of sugar.
