Advisory Board Conditionally Allows Export of 500,000 Tons of Sugar

The Sugar Advisory Board (SAB) has allowed sugar mills to export 500,000 tons of sugar with the condition that the millers must start sugarcane crushing season before November 21, 2024.   The advisory board met on Tuesday under the chair of Federal Minister for Industries and Production Rana Tanveer Hussian.  The meeting was informed that 0.826 million metric ton sugar stock is available until September 30, 2024. In addition, the growers have cultivated 1192 thousand hectares of land in 2024-25 which is 1.05 percent more than the area cultivated in 2023-24. In season 2023-24, the area under cultivation was 1180.3 thousand hectares.  It was informed that the sugar retail price decreased by Rs. 6 per kg in four months as it was recorded Rs. 143.15 on June 13, which is now Rs. 137.51 per kg on October 3. Whereas the ex-mill price of sugar was Rs. 124.2 per kg on October 7.  The State Bank of Pakistan officials informed the meeting that banks have realized $81.82 million proceeds against 118,312 MT quantities shipped until October 4.  It is pertinent to note that the government, in the last few months, approved 150,000 MT exports of sugar.   According to a handout issued by the Ministry of Industries, Federal Minister Rana Tanveer said the millers must start the sugarcane crushing season before November 21, 2024. He further directed that all dues to sugarcane farmers be cleared by sugar mill owners.  The minister also stated that sugar mills must ensure exports are completed within three months, underscoring the government’s commitment to stabilizing the industry.