LAHORE: The Pakistan Sugar Mills Association (PSMA) referring to the statistics of the Federal Board of Revenue (FBR) expected surplus production in next season and demanded timely decision of allowing export of surplus sugar.
In a statement issued on Thursday, the PSMA said the statistics of the Federal Board of Revenue of July show that there will be 1.2 million tonnes of excess sugar stock available at the start of next crushing season whereas the sugar mills had produced two million tonnes of surplus sugar at the end of last crushing season.
Almost 10 percent increase expected in the next sugarcane crop as recent spell of widespread rains has also left a positive impact on the crop, said the PSMA spokesman.
He added that it is expected that, in addition, there will be 1.5-2.0 million tonnes of surplus sugar produced in the next season. If the government does not take timely decision of exporting this excess sugar then it will directly affect the farmers and the sugar mills because the mills will not be able to recover their cost of production. This will negatively impact the agriculture, industry and the exports. It will also directly affect the country’s economy resulting in Pakistan’s failure to earn foreign exchange.
The spokesman said had the government allowed the export of this surplus sugar at the end of previous crushing season, Pakistan would have got foreign exchange of one million dollars.
The government needs to seriously think on this important issue, steer the country out of crisis and create conducive environment for the farmers and the sugar mills in order to strengthen the national economy.
Copyright Business Recorder, 2022