KARACHI: Second vessel of sugar imported by the Trading Corporation of Pakistan (TCP) has reached Pakistan for domestic consumption.
In pursuance of the federal government directives, the TCP is importing some 100,000 metric tons of sugar from worldwide sources to avoid shortage in the domestic market. The imported sugar will be supplied to the Utility Stores Corporation.
According to the TCP, so far two shipments carrying 63,870 metric tons of sugar have arrived Pakistan during the last two weeks.
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The TCP's first consignment of 3,170 metric ton imported sugar was arrived at Karachi Port Trust on July 26, 2021 and its discharging was completed on Friday. While, another vessel MV SAN SEBASTIAN, carrying 30,700 metric ton sugar was reached on August 4, 2021 at Karachi Port Trust. The discharging of the second consignment of imported commodity has also commenced from Friday.
The third vessel, MV ILLOVO RIVER, carrying 35,000 metric ton sugar, is expected to arrive in Pakistan on August 14, 2021. With the arrival of the third consignment, the import of 100,000 metric ton sugar will be completed.
As per directions of the federal government, the entire cargo will be handed over to the Utility Stores Corporation to arrest the soaring prices of the commodity in the domestic market.
TCP is also importing sugar to fill the supply and demand gap and bring the prices down in the local market. Sugar prices in the domestic market are gradually increasing and reached Rs 110 per kilogram.
The TCP has signed contracts for the import of some one million metric ton wheat and some 0.15 million sugar to meet the domestic demand and ensure price stability.
It may be mentioned here that the State-run grain trader opened a sugar tender for the import of 0.1 million metric tons of sugar in June and tender was awarded to lowest bidder at a price of $526.8 per metric ton. The landed cost of sugar will be about Rs 89 per kilogram.
Copyright Business Recorder, 2021
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