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March 9, 2021

TCP floats tender to import 50,000 tons sugar

Business

March 9, 2021

KARACHI: Trading Corporation of Pakistan (TCP) has issued a tender for the import of 50,000 tons white sugar to maintain supply in the domestic market and control the soaring prices of the commodity.

Last date of submitting the bids is March 16 against the tender issued on March 6. According to tenders details, TCP invited sealed bids from the international sugar suppliers and manufacturers for supply of 50,000 metric tons white sugar (bagged cargo) through their local offices or representatives (registered with provincial/federal tax authorities) having capacity to supply 'white sugar' through worldwide sources.

In January, the Economic Coordination Committee approved a proposal to lower taxes and allow import of 300,000 tons of raw sugar by millers and 500,000 tons of white sugar by the Trading Corporation of Pakistan.

With this fresh tender, the total sugar import by this government would surge to 1.1 million tons which is equivalent to the quantity that it allowed to export after coming into power. The ministry of industries presented a summary before the Economic Coordination Committee of the cabinet for import of sugar to reduce upward pressure on prices of sugar and to buffer carry-over stocks before the arrival of the fresh crop.

In the last season, the production of sugar was 4.9 million tons and in the current season the production is estimated at 5.5 million tons. The Punjab government has already anticipated shortage of sugar towards the end of current season in October or November.

The provincial government also blamed sugar mill owners for sugar shortage and subsequent price hike. “Most of the sugar mills are involved in hoarding and black-marketing of sugar. They are not selling sugar and are thus artificially jacking up prices to mint money,” Zaman Wattoo, provincial cane commissioner told The News in January.

Sugar millers, however, said farmers were demanding higher price for their produces. Against the official price of Rs200 per maund of sugarcane, farmers were getting Rs215 to Rs250 per maund.