Thursday, October 17 2024

Banks told to begin sugar export process for 0.5m tonnes
The State Bank of Pakistan (SBP) has asked banks to process the export of half a million tonnes of sugar, which may destabilise domestic prices. The sugar industry has been seeking export permission for another 850,000 tonnes of sugar worth about $485 million. The Economic Coordination Committee (ECC) of the cabinet had on Sept 21 allowed the export of 140,000 tonnes of the commodity. Market fears that the rapid increase in exports could push the local prices witnessed many times in the near past.
Related news categories: business economic-indicators misc sugar

Thursday, September 26 2024

Ministers clash over sugar export
The minister for industries and the minister for petroleum are locked in a row over sugar export with the latter recommending a halt to shipments whereas the former pushes for making exports in violation of a government decision. The retail price of sugar has exceeded the benchmark set by the government, which makes it binding on the industries ministry to stop exports but it continues to be in favour of selling the sweetener in overseas markets. Some sugar mills have also failed to make payments to growers out of their export proceeds, flouting another condition of the government. The Economic Coordination Committee (ECC) had allowed sugar export by linking it with a certain price benchmark. It decided that exports would be halted if the retail price exceeded the benchmark.
Related news categories: business economic-indicators misc sugar