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Karachi Chamber of Commerce and Industry urges government to refrain from allowing sugar exports

Karachi, March 15, 2017 (PPI-OT):President of the Karachi Chamber of Commerce and Industry (KCCI) Shamim Ahmed Firpo has urged the government to refrain from allowing sugar exports as it would result in escalating the prices of this essential commodity in the local markets, resulting in overburdening the common man and affecting a wide spectrum of relevant industries at a time when the holy month of Ramazan was just a couple of months away.

In a statement issued, President KCCI cautioned that sugar consumption touches the highest level during Ramazan as people buy plenty of juices, beverages, bakery items and sweets for Iftar thus, any move to export sugar will exorbitantly raise its prices in the local markets and create problems for everyone.

He was of the opinion that it was not the right time to export sugar as the current prices in local market were higher as compared to international markets and it seems that sugar producers were attempting to make higher profits by raising prices in the domestic markets.

Shamim Firpo feared that initially sugar producers are seeking permission to export this commodity but later on, they will be insisting subsidy due to lower global prices. He noted that sugar was currently being sold in the local markets at the rate of Rs60 per kilogram whereas this commodity was available in the international market at $489 per ton i.e. Rs50 per kg.

He advised the government to avoid taking such steps which create more problems for the general public, particularly the poor segment of society as they are already pretty much distressed and overburdened in the ongoing era of inflation in which prices of almost all the commodities have escalated sharply and some of the basic commodities being used at every household have gone beyond the approach of common man. He said that that in order to protect the sugar industry, the government has already imposed 20 per cent customs duty and 20pc regulatory duty to discourage import of cheaper sugar.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

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