Sugar production surges to 7.5mn tons this year
MG News | March 25, 2022 at 12:42 PM GMT+05:00
March 25, 2022 (MLN): The production of sugar rose to 7.5 million tons this year, which is 36.3% higher than last year's 5.5mn tons, Muzzammil Aslam, spokesperson to Finance Ministry said.
On this latest development, Finance Minister, Shaukat Tarin said on his Twitter that as a result of this increase by 2mn tons, Pakistan is back to a sugar surplus country from a deficit.
Ex-mill sugar prices are now around Rs81 per kg substantially lower from last year, he noted.
To note, the government had decided to procure approximately 0.5 million tons of sugar from the domestic sugar mills from February to June 2022 in order to build up strategic reserves.
According to the Sensitive Price Index (SPI) data for the week ended on March 17, 2022, the average price of sugar had declined by 0.49% WoW in major cities of Pakistan.
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