Country’s sugar stock stands at 635,000 MTs

November 16, 2021 (MLN): Despite a 60% increase in the sugar import volume- 90,195 metric tons (MTs) during October 21, compared to the import volume in September'21, the country is only left with 635,000 metric tons (MTs) which will be sufficient till November 29, 2021. Accordingly, the daily requirement of the sugar stands at 45,357 MTs.

At present, the utility stores are left with 47,000 MTs sugar out of total imported sugar. Meanwhile, the strategic sugar reserves stood around 200,000 MTs. As of October 20, 2021, the balance at mills was 388,000 metric tons, the sources said. 

Owing to the supply constraint, the sugar prices have been escalated and as per the sources, it touched Rs160per kg at local shops.

The sugar was being sold at Rs99.79 in the open market while, in utility stores, the price of sugar remained at Rs85 per kg during the outgoing week, data revealed by the Pakistan Bureau of Statistics.

considering the ongoing situation, Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenue urged sugar millers to start the sugarcane production at the earliest in order to make supply smooth, the media reports highlighted. 

Spokesperson to Finance Minister, Muzzammil Aslam said in his Tweet on November 9 that sugar millers would start sugar crushing from Mid November.  

The sugar millers are claiming that government had agreed to fix the sugar prices as per market forces though the authorities would keep an eye on the strategic stocks.  In addition, the authorities can intervene in the market to smooth the supply of sugar while keeping the price reasonable.

While Prime Minister Imran Khan assured the free sugar business during a recent meeting.

Given the shortage, the country imported 90,195 MTs worth $58.74 million in the month of October which is around 60% higher than the previous month’s import of 57,857 MTs worth $37.66m.

Cumulatively, the total volume of import during 4MFY22 stood at 248,000 MTs worth $150.24m, up by 9.4% YoY, compared to 226,675 MTs in the same period last year.
 

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