77,500 tons of sugar to arrive in 10 days

KARACHI: Over the next 10 days, 77,500 metric tons of sugar is due to arrive in the country. The Trading Corporation of Pakistan (TCP) issued a press release on Monday stating that three separate vessels, arriving from India and Brazil are expected to reach Karachi Port by September 2.

The release revealed that so far 355,509 metric tons of sugar has already been imported by TCP and that the existing stocks of the sweetener, before the addition of the latest shipments stand at 155,948 metric tons.

TCP Public Relations Officer, Khizar Hayat has asserted that “there are sufficient stocks of sugar with the TCP”. The official statement contended that Utility Stores Corporation (USC) and all provincial governments are lifting sugar from TCP’s warehouses.

It explained that warehouses are being operated round the clock to facilitate the various institutions in procuring the sweetener. “Government of Punjab has so far lifted 17,000 metric tons of sugar whereas Balochistan has collected 1229 metric tons, while smaller quantities have been taken by Sindh and Khyber- Pakhtunkhwa.

These procurements made by provinces are in addition to 180,648 metric tons of sugar that have been lifted by USC. “Utility Stores are currently lifting between 4,000 and 5,000 tons of sugar everyday” asserted the official release.

TCP has also revealed that utility stores are selling the imported sugar at Rs55 per kilogram, while provincial governments are charging Rs61 per kilogram in “Sasta bazaars” established in different areas.

TCP has stressed that given the current levels of sugar stocks in the county and timely import of further shipments, there is no possibility of a shortage of sugar in the country. Despite this, rates of sugar in retail markets surged at the onset of Ramazan.

Sugar millers raised ex-mill prices twice in the past three weeks on the pretext of rising international prices. At the same time, wholesalers also asserted that demand had jumped up prior to the holy month.

“Some speculators became active in the days before Ramazan, inflating demand” Chairman Karachi Wholesale Grocers Association, Anis Majeed told The Express Tribune. However, he too agreed that although prices have been affected, there is no adverse impact on the supply of sugar to local markets and ruled out the possibility of a shortage in coming weeks.

Published in The Express Tribune, August 24^th, 2010.