Pakistan, Asia’s third-biggest sugar consumer, approved the import of 100,000 metric tons of the sweetener for 2012, said Naveed Iqbal, a spokesman for the finance ministry.
The permission compared with an industries ministry recommendation of 700,000 tons of imports, a statement from the finance ministry said. The purchase aims to build stockpiles and prevent a surge in prices, according to the statement.
Floods in the country’s southern Sindh province inundated about 1.97 million acres of farmland this year, damaging cane, cotton and rice crops, the local government said on Sept. 14.
Sindh will produce less than 1 million tons of sugar next year compared with an estimated 1.3 million tons, Agha Jan Akhtar, the state’s farm secretary, said yesterday in an interview.