PAKISTAN: Exports reach record high of 1.35 million tonnes through May
Published: 06/28/2018, 9:28:44 AM
Sugar exports from Pakistan touched a new high of 1.359 million tonnes, which enabled the country to earn US$474 million during the first eleven months (July-May) of the financial year 2017/18, according to Pakistan's Today newspaper.
Last year, the exports of sugar had been recorded at 302,268 tonnes which fetched the country US$158 million in the corresponding period of the last FY17, reported Dawn.
In last eleven months of FY18, the average per tonne price fell to US$348 against US$524 per tonne average price fetched in the corresponding period of last financial year.
The commodity was exported to Myanmar, Nepal, Middle East and African countries.
And a sugar miller revealed that 1.5 million tonnes of sugar had been exported during the outgoing FY18.
He said Pakistan attained its highest ever production of the commodity of 7.5 million tonnes last season compared to the requirement of 5-6 million tonnes, leaving surplus stocks of 1.5 million tonnes.
He revealed the Pakistan Sugar Mills Association (PSMA) had not requested any subsidy and required go-ahead for the export of surplus sugar so farmers could be paid, which was refused by the government.
During that period, sugar price in the global market was US$550 per tonne and as rates decreased to US$350 per tonne, the government then permitted sugar export with a subsidy of Rs20 per kg, with INR10.7 per kg federal share and INR9.30 per kg from Sindh government.
Also, the country's sugar production recorded a decline of 7% during July-April of FY18, touching 6.464 million tonnes against 6.969 million tonnes in the same period of FY17.
FY18 proved to be another record season for sugarcane production as it rose 7.4%, touching 81.102 million tonnes compared to last year's production of 75.482 million tonnes.
The sugarcane crop was grown on an area of 1.313 million hectares against previous year's area of 1.218 million hectares, notching a rise of 7.8%.