The sugar industry has exported only 198.387 tons sugar till March 3, 2016 against an allocated quantity of 0.5 million tons. The deadline for export of allocated commodity will expire on March 31, 2016.
This was disclosed during the third monthly meeting of the inter-ministerial committee headed by the Minister for Commerce, Engr. Khurram Dastgir Khan held on Friday in Commerce Ministry. The committee reviewed the position of sugar exports, available stocks and price trends in domestic market.
The Economic Co-ordination Committee (ECC) of the Cabinet while allowing export of surplus stock of sugar in December 2015 had tasked an inter-ministerial committee on sugar, constituted by the Prime Minister, to review the sugar stock/export situation every month.
Secretaries of Ministries of Commerce, National Food Security and Research and representatives of Ministries of Industries & Production, and Finance attended the meeting.
According to an official statement, the meeting was informed that the price of sugar in the domestic market remained stable over the last month. The national average retail price of sugar, as reported in the Sensitive Price Index, was Rs 62.51 during the week ending on March 17, 2016. Moreover, it was informed that 198,387 MT of sugar has been exported since the ECC granted permission to export sugar.
“Whenever the price of sugar will cross Rs 62.90 per kg in the retail market, it means price increase has crossed the threshold of ten per cent set by the ECC,” said one of the participants.
The price of sugar was Rs 60.60 per kg in Akbari Mandi Lahore on March 17, 2016. The representative of Ministry of Industries informed that stock of 3.55 million metric tons of sugar is currently available in the country which would be sufficient for the domestic consumption till November 30, 2016.
Therefore, the availability position of sugar stocks during Ramazan and beyond was satisfactory. Commerce Minister emphasised that while encouraging exports of the country, the interests of all stakeholders including farmers and consumers must be safeguarded.
Source: Business Recorder