LAHORE: The Pakistan Sugar Mills Association (PSMA) has expressed its inability to start the crushing season 2022-23 in case millers are not allowed to export the surplus sugar stocks available in the country amounting to US$ 1 billion.
The Association said since last one year, the sugar industry is asking the government to export the surplus stock of sugar but even after checking these stocks through the Federal Bureau of Revenue (FBR)’s Track and Trace System and confirmation from other government departments, the federal government is denying permission to export the excess sugar production.
A PSMA spokesman on Tuesday further said that the sugar mills will again make surplus sugar amounting to one billion dollars after the next crushing season.
The rates of sugar are continuously decreasing in the international market. If the government will not pay attention to this matter then the international rates will fall to the extent that the government will find no other option but to give subsidy to export this surplus stock of sugar.
The spokesman said that if the government will not give permission for export of sugar then the sugar mills of Pakistan will not be in a position to start the crushing season. Currently, the sugar mills have ample stocks of sugar and the same surplus stock amounting to approximate one billion dollars will be available in the next crushing season.
This shows that there will be no shortage of sugar in the country rather the availability of excess stock now which eventually will compound after the next crushing season.
Copyright Business Recorder, 2022