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Bright chances for export of sugar to India
KARACHI (April 16
2004): The reports about shortage of sugar in
India has created bright opportunity for Pakistan
to export its surplus sugar to the neighbouring
country, industry sources said here on Thursday.
A sugar mill owner, who preferred not to be
quoted, said that confirmed reports are coming
from India that the country will face shortage of
sugar due to deficit in crop this year.
He said the Trading Corporation of Pakistan (TCP)
has purchased 200,000 tons of surplus sugar from
the mills on the instructions of the government
for export purposes or maintaining a buffer stock.
In addition, sugar mills also have exportable
surplus, he added.
Information indicated that sugar prices are rising
in India. "The TCP can capitalise this opportunity
and export its stocked sugar to get a good price,"
he observed.
An official of TCP said that so far its has not
received any instructions from the government to
export stocked sugar. A sugar trader said
international sugar prices are rising and it is a
good time to export sugar to fetch better prices.
There are chances that sugar price may fall when
sugar from Brazil would hit the market in two
months' time, he added.
He pointed out that sugar prices are currently
staying in the range of $224 to $225 ton. He said
Pakistan was exporting sugar to Afghanistan at
$260 per ton. He agreed that the shipment cost
would be reduced if sugar were imported to India.
He said India will lower customs duty on sugar
next month or two to reduce cost of imported sugar
in the country and Pakistan should take the
advantage of lower duty.
He said Pakistan and India had in the past
exported sugar to each other whenever needed.
He pointed out that Pakistan would get a surplus
sugar this year too and there is no point of
keeping sugar as buffer stock.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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