Sugar mill owners have requested permission from the government to export one million tons of sugar, raising concerns about a potential increase in sugar prices across the country.
The request comes amidst reports indicating a surplus in sugar production, with the total output for this year reaching 75 million tons.
According to sources, Pakistan's monthly sugar requirement stands at 500,000 tons, totalling 600,000 tons annually. The Sugar Mills Association has reported additional reserves of 1.5 million tons of sugar, leading mill owners to advocate for exportation to capitalize on potential profits.
With the current global market rates boosted by India's ban on sugar exports, mill owners believe that exporting one million tons of sugar could generate up to $1 billion in revenue. The proposal is set to be considered by the Economic Coordination Committee (ECC) soon.
However, concerns have been raised regarding the potential impact of sugar exports on local prices. If permission is granted, it is anticipated that the price of sugar in the domestic market will surge, affecting consumers nationwide.
