LAHORE – Pakistan Sugar Mills Association (PSMA) said that currently there are large excess stocks of sugar available in the country amounting to $1 billion. In a statement, a PSMA spokesperson said that for about a year the sugar industry has been reminding the government to export this excess stock of sugar, but even after checking these stocks through the track and trace system of RBF and confirmation from other departments, the federal government does not allow the export of this excess sugar. He further stated that the sugar mills will again produce a billion-dollar surplus of sugar after the next milling season. Sugar prices continue to fall on the international market.
If the government does not pay attention to this issue, international rates will drop to the point that the government will find no choice but to subsidize the export of this excess sugar stock.
The spokesman said that if the government does not allow the export of sugar, Pakistan’s sugar mills will not be able to start the grinding season. Currently, sugar refineries have large stocks of sugar and the same excess stock amounting to approximately $1 billion will be available in the upcoming crushing season. This shows that there will be no shortage of sugar in the country rather than the availability of excess stock now which will eventually get worse after the next milling season.