Business
TCP to import 0.1 mln metric tons of sugar from Brazil
The Trading Corporation of Pakistan wrote a letter to import sugar from Brazil.
Karachi: The Trading Corporation of Pakistan (TCP) has initiated the process by writing a letter for importing one million metric tons of Brazilian sugar amidst concerns about scarcity in the market.
With the prior history of exploiting both the export and import sides, the sugar mafia has begun capitalizing on the situation.
Having exported Chinese sugar in June, now preparations are underway to import it in September.
The Trading Corporation of Pakistan has formally communicated its intention to import Chinese sugar from Brazil.
However, the prospect of its entry into the imported sugar market raises worries of further price hikes.
Chinese sugar could potentially reach up to 200 Pakistani Rupees per kilogram.
Sources suggest that the decision to export Chinese sugar poses the challenge of severe scarcity in the country.
In November 2022, Chinese sugar was priced at 91 Rupees per kilogram and after export, it reached 180 Rupees per kilogram.
Now, the apprehension of increased prices looms as Pakistan gears up to import one million metric tons of Chinese sugar.
Secretary of Food, Zaman Vato, voiced that recent price hikes have imposed a burden of 47 billion Rupees on the public due to the increased costs of Chinese sugar.