Saturday May 25, 2024

PSMA demands permission to export sugar

By Our Correspondent
April 22, 2024
A representational image showing a labour carrying a sugar bag. — AFP/File
A representational image showing a labour carrying a sugar bag. — AFP/File

LAHORE:Pakistan Sugar Mills Association (PSMA) has asked the government to allow export of sugar without delay to get benefit from high prices globally.

A PSMA spokesman said the 1.5 million tons of sugar is surplus in the country and immediate measures are to be taken to export it without any financial burden to the government. Rather, he added, exports will fetch foreign exchange earnings and the move will be in the national interest.

“If we export in the quickest way, the country can earn more foreign exchange and if there is any delay in the export of surplus sugar, prices in the international market may come down and less foreign exchange will be earned by the country,” he said.

The spokesman of PSMA of Punjab Zone appealed to Rana Tanveer Ahmed, Federal Minister for Industries, Jam Kamal Khan, Federal Minister of Commerce and all high offices of government to immediately take notice of falling international prices and allow immediate export of sugar. This intervention of the government would also ensure timely sugarcane payments to the sugarcane growers and country may earn more foreign exchange.

Meanwhile, the spokesman has claimed that current ex-mill sugar prices in the country are in the range of Rs133-135 per kg whereas our cost of production if calculated comes to Rs175/kg as the industry has purchased sugarcane at the rate of Rs425-550 per maund. He said that last year minimum support price of sugarcane was around Rs300/maund.

On the other hand, input cost like petroleum products, chemicals, bank interest rates, Sales Tax, labour costs, etc have risen manifold. If prices of all other products have risen to such an extent how can one expect only the sugar may be sold below its cost of production, he said.