KARACHI: Pakistan Customs has established a special cell at the Port Qasim Collectorate to monitor the exports of 250,000 metric tons of sugar from the country.
This comes after the government of Pakistan allowed the export of 250,000 metric tons of sugar through an Office Memorandum issued by the Ministry of Commerce last month.
The special cell, located at the Collectorate of Customs (Exports) PMBQ in Karachi, has been tasked with closely monitoring the export of sugar and ensuring that authorized exporters receive proper facilitation.
ECC approves revised conditions for sugar export
The cell is also responsible for coordinating between exporters, the State Bank of Pakistan, and the Collectorate, as well as preparing consolidated quota consumption reports.
Under the Cabinet’s decision, ratified by the Economic Coordination Committee (ECC), a quota of 250,000 metric tons of sugar has been permitted for export, including the previously approved quantity of 100,000 metric tons.
The quota for sugar exports has been distributed among the provinces as follows: Punjab and Sindh receive 61% and 32%, respectively, while Khyber Pakhtunkhwa (KPK) has been allocated a 7% quota.
The State Bank of Pakistan has been directed to update the ECC on sugar exports every fortnight, and the Pakistan Sugar Mills Association (PSMA) has undertaken to ensure that the price of sugar in the domestic market will not exceed Rs. 85-90/kg (ex-mill) for 2021-22 stocks. If the domestic sugar price increases, the Sugar Advisory Board (SAB) will recommend the immediate discontinuation of exports to the ECC.
Additionally, no subsidy has been provided to the exporters by the Federal or Provincial governments. The establishment of this cell is a step towards ensuring the smooth export of sugar and will help in regulating the sugar market in Pakistan.
Copyright Business Recorder, 2023
Comments
Comments are closed for this article.