The federal cabinet Wednesday approved the export of 500,000 metric tonnes of sugar through a circulation summary.
Last week, the Economic Coordination Committee (ECC) of the Cabinet approved a summary submitted by the Ministry of Industries and Production for a further export of 500,000 metric tonnes of sugar in view of availability of sufficient surplus stocks even after catering for the proposed and ongoing exports, the requirement for remaining two months of the ongoing crushing year, as well as maintenance of strategic reserves.
The committee had approved the summary with the same terms and conditions as allowed by ECC in its decision on September 20, 2024, with the following modifications:
- This permission shall be subject to the provision of an undertaking by PSMA that their mills will commence production by November 21, 2024, for the next crop year and export quota of any non-compliant mill will be revoked;
- Exporters shall ensure that the consignments are shipped within ninety (90) days of allocation of quota by the respective Cane Commissioners; and
- This permission may be revoked by SAB at any time in the interest of stability of the domestic market and maintenance of retail prices.
The ECC further directed that the Cabinet Committee on Monitoring Sugar Exports regularly monitor and update the cabinet on demand, supply and price situation of sugar in the country, including in the case of export of 0.500 MMT of sugar as well.
That’s mean , sugar prices are going to hike again