Reported by DAWN NEWS
KARACHI: As the consequences of the caretakers’ wheat import issues are still pending, traders are now encouraging the administration to permit the export of grain and its related yields, quoted by Dawn News
Cereal Association of Pakistan (CAP) Chairman Muzammil Chappal stated that the country has an excess of 3.9 million tonnes of wheat, and the association has requested Prime Minister Shehbaz Sharif to permit its export instantly.
He claimed the “country has 36m tonnes of wheat stocks (31.4m tonnes of local production and 4.6m tonnes of carry forward stock), much higher than the annual consumption of 32m tonnes.”
Mr Chappal said wheat exports would benefit growers obtain good rates, as they have so far failed to obtain affordable rates for the crop.
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He also declared the Ministry of National Food Security and Research that founded on the tentative freight-on-board (FOB) rate of $260 per tonne, wheat export of 500,000 tonnes would fetch $140 million while 250,000 tonnes of maida and fine flour would gain $87m each counting FOB rate of $350 per tonne.
He said, “the ministry may define the quantity and period for exporting wheat and related products as the association’s members are ready to play their role and have some potential buyers in the regional countries.”
Mr Chappal claimed, “Pakistan has a limited time window i.e. June to August to fetch a good price for exporting wheat and products.”
After acquiring approval from the caretaker government, the intimate sector of Pakistan imported 3.536m tonnes of grain from Russia and Ukraine commanding over $1 billion from September 2023 to April this year.
