By Commerce Reporter
LAHORE: Lahore Chamber of Commerce President Faheem-ur-Rehman Sehgal has said that the export of surplus sugar will reduce Pakistan’s trade deficit.
Speaking at the chamber, he said that this is a food security issue. He supported the sugar industry’s stance that surplus sugar should be exported after the local sugar needs are met.
He said that in view of the current situation in the Gulf countries, Pakistan should increase its exports. There is a huge demand of food items there because those countries meet their food needs through imports. He said that the government should give priority to exporting sugar in excess of the domestic requirements and earn valuable foreign exchange for Pakistan.
He said that the country has witnessed a bumper sugarcane crop and in this regard, sugar cannot be stocked for a long time. Apart from this, Pakistan’s trade deficit has also increased significantly. According to statistics, Pakistan’s exports have decreased by 8 percent while imports have increased by 6.5 percent. In order to reduce this trade deficit and after meeting the domestic needs, surplus sugar must be exported.
