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Prospects bright for sugar export to India
KARACHI, April 16:
The reports about shortage of sugar in India have
created a bright opportunity for Pakistan to
export its surplus sugar to the neighbouring
country, industry sources said here on Thursday.
"Confirmed reports are coming from India that the
country will face a shortage of sugar because of
deficit in the crop this year," says a sugar mill
owner on the condition of anonymity.
The sources said the Trading Corporation of
Pakistan had purchased 200,000 tons sugar from the
mills for export purposes or maintaining a buffer
stock. In addition, sugar mills also have
exportable surplus, they added.
The information indicates that sugar prices are
rising in India. "The TCP can capitalize this
opportunity and export its stocked sugar to get a
good price," they observed. A TCP official said
that so far the corporation had not received any
instructions from the government to export stocked
sugar.
A sugar trader said international sugar prices
were rising and it was 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."
The trader pointed out that sugar prices were
currently staying in the range of $224 to $225 per
ton. He said Pakistan was exporting sugar to
Afghanistan at $260 per ton. He said that shipment
cost could be reduced if sugar was imported to
India.
The trader said India would 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 was no point of
keeping sugar as buffer stock.
The DAWN |
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Pakissan.com; Advisory Point
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