KARACHI: Pakistan can earn a foreign exchange of over $300 million through the export of one million tons of surplus wheat and wheat products, including Maida and fine Aata (flour), Cereal Association of Pakistan (CAP) said in a letter sent to Ministry of National Food Security & Research.
Commodity traders have also sought permission from the federal government for the export of surplus wheat and wheat products to generate foreign exchange for the country.
In a letter sent to Dr Muhammad Fakhre Alam Irfan, Federal Secretary for National Food Security & Research, Muzzammil Chappal, Chairman Cereal Association of Pakistan (CAP) has said that there is a need to allow the export of wheat and wheat products Maida and Fine Flour immediately, which will be beneficial for generating foreign exchange and revenues for Pakistan.
Bumper production: CAP urges govt to allow export of wheat, by-products
CAP has suggested the export of some 0.5 million metric tons of wheat grains, 0.25 million metric tons of Maida and 0.25 million metric tons of fine Aata (flour).
According to CAP, Pakistan can earn some $140 million through the export of 500,000 metric tons of wheat at a tentative price of $280 per metric ton. In addition, foreign exchange amounted to $87.5 million can be generated through export of Maida and $87.5 million against export of Fine Aata at a tentative price of $350 per metric ton.
As the traders are ready to play their role and have some potential buyers in the regional countries, CAP has suggested that the Ministry may define the quantity and time period for the export of the wheat and wheat products.
“We have a unique opportunity to re-enter the international market immediately and grab sufficient export numbers to bring valuable foreign exchange to the country”, said Chappal in the letter.
He informed that the country has surplus stocks of some 3.9 million tons as Pakistan has overall stocks of some 36.119 million tons of wheat stocks including 31.44 million ton of production and 4.67 million ton of carry forward stocks, while consumption is some 32 million tons.
He said that in the best national interest, the government must take an urgent decision and issue a notification for the export of wheat and wheat products as Pakistan has a limited window, i.e. June, July & August 2024 to achieve a good price for wheat and wheat products.
Copyright Business Recorder, 2024
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