Pakistan : SAB okays 0.5 MT import of sugar
Pakistan will import 0.5 million tons of sugar to counter a sharp price surge after exporting 765,734 tons this fiscal year. Domestic prices soared to Rs190/kg. Minister Rana Tanveer Hussain blamed supply shortfalls and unjustified mill pricing. The government aims to complete import formalities swiftly and implement strict monitoring to stabilize prices and ensure consistent market supply.
ISLAMABAD: The Sugar Advisory Board (SAB) on Monday okayed the import of 0.5 million tons of sugar after the government exported the commodity in a large quantity in the current financial year, which led to a sharp increase in domestic sugar prices.
The meeting of the SAB, which met with Federal Minister for National Food Security and Research Rana Tanveer Hussain, approved the import of 0.5 million of sugar to control rising prices and ensure a consistent supply of the commodity in the market.
According to the Pakistan Bureau of Statistics (PBS), the country exported 765,734 metric tons of sugar between July and May this fiscal year, earning Rs114 billion. However, as expected following this export domestic sugar prices rose sharply and hit a record Rs190 per kg.
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During the meeting, the minister said that the decision to import sugar had become unavoidable due to a nationwide shortfall in supply and sharp price hikes. He attributed the recent surge in sugar prices largely to unjustified price increases by sugar mill owners.
The minister emphasised that all formalities regarding the import will be completed within the next few days, and the imported sugar will be brought into the market at the earliest to provide relief to consumers.
To tackle the crisis, the government has already initiated urgent measures and decided to implement strict monitoring of both sugar supply and pricing across the country. “The situation demands immediate action. Stabilising sugar prices and ensuring its availability is the government’s top priority,” said the minister.
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Source : Business Recorder
