The Economic Coordination Committee (ECC) of the cabinet approved on January 3rd additional sugar exports of 150,000 tonnes on top of the 100,000 tonnes already approved on December 15, 2022. This is on the condition that Pakistan Sugar Mills Association (PSMA) would not exceed prices in the domestic market, according to local press reports.
Pakistan – Government approves exports of 100,000 tonnes sugar [Full subscriber]
The finance ministry said on December 15th that the ban on sugar exports has been lifted, with millers allowed to export 100,000 tonnes, reported Reuters.
Pakistan – Government bars exports of 1 million tonnes of sugar [Full subscriber]
The Finance Ministry on November 21 barred millers from exporting sugar – rejecting claims that there’s plentiful sugar, according to local press reports.
Pakistan – Flood damage to main cane growing regions significant [Full subscriber]
Severe floods that have left a third of Pakistan under water adversely impacted the major cane-producing regions.
Pakistan – Millers refuse to sell sugar at PKR70/kg [Registered]
The Pakistan Sugar Mills Association (PSMA) has refused to sell the sweetener at PKR70 (US¢ 36) per kg.
Pakistan – FBR’s track and trace system at sugar mills generates 33% increase in tax collection [Registered]
The Federal Board of Revenue (FBR) has achieved a milestone by successfully implementing the track and trace system (TTS) in sugar mills during the ongoing crushing season. As a result, it has collected PKR26.5 billion (US$144 million) sales tax from the millers in the current campaign as against PKR19.9 billion collected in the previous year, according to local press reports
Pakistan – 2022/23 sugar production forecast at 7.2 million tonnes, says USDA [Full subscriber]
The 2022/23 sugar output is forecast at 7.2 million tonnes by USDA in its latest report. It is marginally higher than the output (7.14 million tonnes) in 2021/22. With cane production forecast at 89.5 million tonnes, this suggests sugar recovery of less than 10%.
Pakistan – Prime Minister will inaugurate track, trace system in sugar mills [Full subscriber]
Prime Minister Imran Khan will inaugurate the rack and trace system of the Federal Board of Revenue (FBR) for the sugar industry on November 23 when the 2021/22 campaign commences, according to local press reports.
Pakistan – US$3.37 billion tax imposed on 69 sugar mills following a government audit [Full subscriber]
Following the completion of a five-year tax audit of 69 sugar mills by the Federal Board of Revenue (FBR), they have been slapped with a tax of about PKR588 billion (US$3.37 billion) as well as a fine of PKR42 billion for cartelisation, adviser to the Prime Minister on Interior and Accountability Shahzad Akbar said at a press conference.
Pakistan – Competition Commission fines the sugar industry US$268 million for anti-competitive practices [Full subscriber]
The Competition Commission of Pakistan (CCP) imposed on 13th August a penalty of PKR44 billion (US$268 million) on the sugar industry for cartelisation, price-fixing and market manipulation – violating the Competition Act 2010, according to local press reports.
Monthly Snapshot
Raw sugar for March delivery settled at 19.82 cents/pound on January 18 after reaching a two-and-a-half-week high earlier in the session at 20.25 cents. The white sugar contract expiring in […]
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