Advisory Board turns down PSMA’s request to allow sugar exports

ISLAMABAD-Sugar Advisory Board has not allowed the sugar exports as requested by the Pakistan Sugar Mills Association (PSMA).
Dr Gohar Ejaz, Minister of Industries and Production, chaired a meeting of the Sugar Advisory Board in Islamabad, addressing the challenges confronting the sugar industry. Attendees included high-ranking officials such as the secretaries of Industries and Commerce, representatives from the Pakistan Sugar Mills Association (PSMA), Federal Board of Revenue, and provincial administration. The minister received a briefing on the industry’s 900,000 tons excess closing stocks of sugar. The PSMA requested a permit for the export of up to 500,000 tons, citing the beginning of the crushing season and a substantial sugarcane crop. However, Dr. Gohar Ejaz denied the request in the broader interest of consumers.
Addressing the cash flow challenge, the PSMA proposed that the Trading Corporation of Pakistan (TCP) lift a minimum of 500,000 tons from millers to stabilize the market. The participants agreed to collaborate on this proposal to find a sustainable solution, emphasizing the prohibition of any sudden increase in retail prices.
Minister Dr Gohar Ejaz, in his remarks, stressed a departure from past policies of exporting sugar followed by imports. He emphasized the value of every dollar for Pakistan and committed to avoiding measures that could result in losses to the national exchequer. The minister asserted that decisions affecting the sugar industry would be guided by the careful consideration of national interests.
The meeting concluded with a commitment to collaborative efforts between the government and industry stakeholders to navigate challenges, develop sustainable solutions, and ensure the prosperity of both the sugar sector and the nation at large. Pakistan Sugar Mills Association (Punjab Zone) has stated that international prices of sugar are currently standing at around USD 750 and this most feasible opportunity is awaiting a timely decision by Pakistan to export sugar and earn nearly USD 400 million in foreign exchange to bolster its reserves.

ePaper - Nawaiwaqt