Islamabad, Oct 9: The Sugar Advisory Board (SAB) has granted approval for sugar mills to export 500,000 tons of sugar, with the stipulation that mills must commence the sugarcane crushing season prior to November 21, 2024.
This decision was made during a meeting held on Tuesday, chaired by Federal Minister for Industries and Production, Rana Tanveer Hussain.
During the meeting, it was revealed that as of September 30, 2024, 0.826 million metric tons of sugar stock remained available.
Additionally, farmers have planted 1,192 thousand hectares of land for the 2024-25 season, reflecting a 1.05 percent increase compared to the 2023-24 season, when 1,180.3 thousand hectares were cultivated.
It was noted that the retail price of sugar has dropped by Rs. 6 per kilogram over the past four months. On June 13, it was recorded at Rs. 143.15 per kilogram, which has now fallen to Rs. 137.51 per kilogram as of October 3. Meanwhile, the ex-mill price of sugar was Rs. 124.2 per kilogram as of October 7.
Officials from the State Bank of Pakistan informed the meeting that banks had realized proceeds of $81.82 million from the export of 118,312 metric tons of sugar shipped by October 4.
It is important to mention that the government had recently approved the export of 150,000 metric tons of sugar.
According to a statement from the Ministry of Industries, Federal Minister Rana Tanveer emphasized that millers must begin the sugarcane crushing season before November 21, 2024, and directed that all outstanding payments to sugarcane farmers be settled by the sugar mill owners.
The minister further highlighted that sugar mills must complete the export process within three months, reaffirming the government’s commitment to stabilizing the sector.
