Stable prices: Committee gives go-ahead to sugar exports

Reviews price in domestic market, says no reason exists to bar exports

ISLAMABAD: The special Inter-Ministerial Committee (IMC) has again given the green signal for export of subsidised sugar, on the grounds that the domestic price has been stable for some time.

The decision was taken at the third monthly meeting of the committee headed by Minister for Commerce Khurram Dastgir Khan.

The committee reviewed the position of sugar exports, available stocks and price trend in the domestic market. The Economic Coordination Committee (ECC) of the Cabinet in December last year allowed the export of 500,000 tons of sugar at a subsidy of Rs13 per kg, while the IMC had been tasked to review the sugar stock/export situation every month.

According to an official present in the meeting, the concerned ministries informed the committee that sugar prices have remained stable in the domestic market over the last month hence, there is no need to suspend exports.

The committee was told that the national average retail price of sugar, as reported in the Sensitive Price Index, was Rs62.51 during the week ending on March 17, 2016.

Since the ECC granted permission, 198,387 tons of sugar has been exported.

A representative of the ministry of industries said a stock of 3.55 million tons of sugar is currently available in the country which would be sufficient for domestic consumption till November 30, 2016. Hence, increased consumption during Ramazan would not be a problem.

The commerce minister emphasised that in encouraging exports, interest of all stakeholders including farmers and consumers must not be neglected.

The meeting was attended by officials of ministries of commerce, national food security and research and ministries of industries & production, and finance. 

Published in The Express Tribune, March 26^th, 2016.

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