INP-WealthPk
PSMA demands permission for export of surplus sugar
November 10, 2022
Government should allow the sugar producers of the country to export the excess sugar which will be worth USD 1 billion. The demand was put forward by the Pakistan Sugar Mills Association (PSMA), according to a press release received by WealthPK. According to the press release, the sugar traders have demanded that government should allow them to export excess sugar to earn foreign exchange for the country. They said the Federal Board of Revenue has checked the excess reserves through its Track and Trace system.
These excess reserves have also been confirmed by other government departments. The presser informed that in the next crushing season sugar mills will again produce excess sugar of value equivalent to USD 1 billion. And since the price of sugar in international markets was dropping, therefore, the government needed to take a timely decision. The press release further stated that if the export of surplus sugar was not allowed, the sugar mills of Pakistan will not be in a position to start a new crushing season.
Credit : Independent News Pakistan-WealthPk
