PSMA seek approval to export additional 600,000 tonnes of sugar

Pakistan's sugar industry has once again stepped up efforts to secure permission for sugar exports, with the Pakistan Sugar Mills Association (PSMA) urging the federal government to immediately allow the export of an additional 600,000 metric tonnes of surplus sugar, 24NewsHD TV reported on Wednesday. 

In a letter addressed to the Federal Minister for National Food Security, the association also requested approval for the export of a further 550,000 metric tonnes at the start of the next crushing season. 

The PSMA stated that sugar stocks stood at 7.967 million metric tonnes at the end of the current crushing season.

After meeting domestic consumption requirements, the country still has a surplus of 1.181 million metric tonnes, making additional exports feasible without affecting local supply.

The association said improved payments to sugarcane growers had encouraged the cultivation of better-quality cane varieties.

It projected sugar production of around 8 million metric tonnes in the next season.

The letter further argued that current domestic sugar prices are significantly below production costs, putting financial pressure on the industry.

It maintained that allowing exports would help stabilise the market while generating around $575 million in much-needed foreign exchange for the country.