Bulk Exports Push Sugar Prices Up
During the February-April period of this fiscal year, Pakistan exported a significant amount of sugar, raising domestic retail prices of the sweetener.
Sugar Exports From Pakistan According to data compiled by the Pakistan Bureau of Statistics, the nation successfully exported a sizable amount of 212,896 tonnes of sugar in FY23 compared to the same period last year, where there were no foreign sales. The government led by the PMLN decided to allow sugar exports in February in response to demands from coalition partners, particularly the Pakistan People's Party (PPP). The start of this new export pattern was marked by the export of 42,434 tonnes of sugar just in February. The quantity of sugar exported tripled to 129,746 tonnes in March, a significant increase from the previous month. With a total of 40,716 tonnes in April, exports were strong.
Sugar Pricing In The Nation The average retail price of sugar shot up to Rs136 per kg in May due to the overindulgent export of large amounts of the commodity, and further price increases are anticipated in the coming months. The Pakistan Bureau of Statistics reports that Quetta had the highest recorded retail price of sugar, reaching Rs140 per kg. The average cost per kg in Rawalpindi, Islamabad, and Peshawar was Rs130. At the same time, sugar was selling for Rs120 per kg in Lahore and Rs125 in Karachi. One of the food items that contributed to April's overall inflation rate reaching an unheard-of 36.4 percent was sugar. When the data for May is released the following week, this number will increase even more. Contrary to the claim that allowing export will increase the country's foreign exchange
earnings, the cost to consumers is much higher. Over the course of three months (February to April), the value of sugar exports was $103.210 million. For mill owners, especially those from political families in the PDM government, the export value of sugar was Rs28.731 billion in just three months. A report from the commerce ministry indicated that more than 5 million tonnes of sugar were consumed. Over Rs5 billion in net resource transfers from consumers result from a Re1 increase per kg. In addition, compared to the same period last year, sugar imports fell by 98.29 percent to 5,336 tonnes during the first 10 months of this fiscal year, down from 311,914 tonnes. If you are a sugar importer wishing to buy sugar in bulk or a sugar exporter willing to export bulk sugar, then Tradologie.com is the right platform for you. Tradologie is a transaction-oriented platform that facilitates bulk agro-commodities trade completely from inquiry to delivery in a digital manner. The best quality and inspected commodities can be procured at prices that can be directly negotiated with the sellers, thereby giving more margins for both sellers and buyers along with the end consumers, reducing the overall cost of a trade. This platform hence grants sellers better access to new global buyers, increasing their overall business orders and profits, as there are no middlemen involved in the trade here. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.
