PSMA-Punjab Zone Urges Swift Action on Sugar Export

Pakistan Sugar Mills Association (PSMA-Punjab Zone) has emphasized the urgency for the government to promptly decide on exporting surplus sugar and establish a comprehensive and enduring policy for this purpose. According to a PSMA spokesperson, after thorough consultations with relevant departments, it has been determined that sugar mills currently hold a surplus of 1.5 million tonnes, which could potentially be exported, generating nearly US$1 billion in foreign exchange for the country.

The spokesperson highlighted that when the initial request for sugar export was made by the PSMA, international sugar prices stood above US$700 per metric tonne. However, due to the delay in decision-making, global prices have now dropped to US$560 per metric tonne. This situation underscores the diminishing opportunity for the government to maximize foreign exchange earnings. Further delays in allowing sugar export would result in continuous financial losses for the country.

In conclusion, the PSMA's call for swift action on sugar export is grounded in the potential economic benefits it could bring to Pakistan. With a surplus of 1.5 million tonnes of sugar awaiting export, the government's timely decision is crucial to capitalize on favorable international market conditions and secure significant foreign exchange revenue.