TABLE OF CONTENTS

TABLE OF CONTENTS............................................................................................................... i
INTRODUCTION........................................................................................................................ 1
DEFINITION ........................................................................................................................... 1
SIGNIFICANCE ..................................................................................................................... 1
OBJECTIVE............................................................................................................................ 1
DATA AND METHODOLOGY................................................................................................. 1
ORGANIZATION OF THE STUDY.......................................................................................... 2
LITERATURE REVIEW.............................................................................................................. 3
DATA AND METHODOLOGY.................................................................................................... 7
VARIABLES............................................................................................................................ 7
Con!"#$ion....................................................................................................................... 7
T%&'(................................................................................................................................... 7
S$o)*.................................................................................................................................. +
,%o'!)$ion........................................................................................................................... +
E-#o%$.................................................................................................................................. +
S"!../in. $o A0.1&ni$&n.................................................................................................... 2
,%i)( o0 S!.&%3An I"#o%$&n$ V&%i&4/(.................................................................................2
R&5 S!.&%......................................................................................................................... 12
Co&/i$ion........................................................................................................................... 12
EM,IRICAL DATA AND CALCULATIONS..........................................................................16
i
CARTELIZATION IN SUGAR INDUSTRY
INTRODUCTION
DEFINITION
A cartel is a formal agreement among competing firms. It is a formal organization of
producers that agree to coordinate prices, marketing and production. Cartels usually occur in an
oligopolistic industry, where there are a small number of sellers and usually involve
homogeneous products. Cartel members may agree on such matters as price fixing, total
industry output, market shares, allocation of customers, allocation of territories, establishment of
common sales agencies, and the division of profits or combination of these. The aim of such
collusion is to increase individual members profits by reducing competition.
Cartelization in sugar industry occurs when the owners of the sugar industries !oin hands
and collectively decide the price and supply of sugar in the market.
SIGNIFICANCE
In "akistan#s sugar industry, cartelization is there. The sugar industries are determining
the prices themselves, which are higher than the ones set by the government and since the
government has passed strict laws regarding sugar prices, these industries have started storing
more sugar and have reduced the supply. $ecause of which the consumers i.e. the poor public,
are suffering and the level of consump!on has also been affected.
This research tells us how cartelization is formed, what are the reasons behind its
formation and how can it affect different economic factors.
OB"ECTI#E
Through this research we want to understand the impact of cartilization on the price of
sugar and on the consumption of the consumers.
DATA AND $ET%ODOLOGY
The different variables involved in the decrease of consumption due to cartelization are,
increase in sugar prices including low sugarcane and sugar productions, coalitions among the
industrialists, income of consumers, high international prices, population growth which leads to
scarce resources i.e. less supply but more demand of sugar, smuggling to Afghanistan and the
government#s late decision of importing sugar. The sugarcane production remained low in %&&'(
&) and its price went up resulting in increase in sugar prices. *ow sugarcane also impacted the
production of sugar and it became clear in +ecember %&&' that there would be sugar shortage in
the country by ,uly or August %&&).
,&.( 7 1
The method that we will use in this case is regression analysis, which includes any
techni-ues for modeling and analyzing several variables, when the focus is on the relationship
between a dependent variable and one or more independent variables. In this case consumption
is the dependant variable, while price, demand, supply, coalitions, raw material, smuggling,
export, production and trade are the independent variables.
The time period that we have chosen for our research is of the past .& years, from .)))(
%&&).
ORGANIZATION OF T%E STUDY
In this research we have first introduced cartelization, then cartelization in sugar
industry, and then the importance and the purpose of conducting this research. After that we
have listed down our variables, the method that we will use to conduct research and the time
period for this research.
/ow we will discuss the literature review of the research papers, which will be followed
by a detailed discussion of the data and methodology, which will cover detailed information
about the different variables selected, the model specification and the estimation techni-ues i.e.
the 0rdinary *east 1-uare method, which will be followed by the empirical results and their
explanation and then we will derive the conclusion.
,&.( 7 2
LITERATURE RE#IE&
There is cartilization in the sugar industries of "akistan, which leads to higher prices,
less supply of sugar to the market and decreased level of consumption. 1ince the beginning of
the current year, the international sugar prices have been on the increase. 2lobal sugar markets
have entered a period of radical structural change.
The decrease in consumption of sugar is due to the fact that since the sugar industries are
holding back sugar and are storing it, so there will be less sugar available for the consumers.
3hen there are more consumers and less supply, the demand will increase, and since more
people will be willing to purchase sugar, its price will also increase.
If we understand the reason behind this cartelization and its causes, we will be better
able to eliminate it.
Adler suggests that industrialization plans may cause two economic difficulties for
underdeveloped countries4 inflationary pressure and unfavorable balance of trade.
The shift of population from rural to urban areas may accentuate the increased
consume' (em)n( and lead to additional capital outlays, especially for housing. "resumably
the new demand will exert upward pressure on prices like in case of sugar. There was increased
demand and supply was cut down by the suppliers in order to increase prices.
0n the suppl* s!(e of the market, many developing countries continue to rely heavily on
one or two primary commodities for the bulk of their export earnings, and primary commodities
5including fuel and energy6 constitute, on average, about half of export revenues of developing
countries. 0n the demands side, commodity markets play a non trivial role in transmitting
business cycle disturbances and in affecting inflation rates in industrial nations. Classical
economists suggested that the long(run trend of raw material prices was rising, because of
limited supplies of natural resources in the face of diminishing returns to commodity production
and growing population
1upply concentration is a further necessary re-uirement. 1upply should be in the hands
of a few producers and7or sellers. This makes possible a cartel or might in an extreme case mean
a monopoly of supply like in the case of sugar industry. If the supply, on the other hand, is
distributed amongst a number of producers7sellers, competition will result and the consumer
may be able to purchase the commodity without ties. 8igh price induces technological
development as well as increased production of the commodity, easily resulting in the breakup
of the cartel7monopoly as in developing countries sugar prices have increased resulting in a
breakup of cartel.
,&.( 7 3
8,&*i$&n S!.&% Ann!&/ R(#o%$ 2992, http477www.thebioenergysite.com7articles799:7pakistan(sugar(annual(
report(%&&)6
The research article analyses the position of sugar industry during the period .))&7). (
.)))7%&&&. The output of sugar as well as the production of sugarcane increased at an average
rate %; percent and ...< percent. $ut the increased output could not meet the re-uirements.
Although consumption is dependent on various factors, we should gear up our resources and
formulate policies in a manner that we are self(reliant in the years to come and are not
confronted with shortages in future. Cuba, India and Thailand have had series of droughts which
resulted in scarcity of sugar. There is no way a natural calamity could be predicted or pre(
empted but all these countries have well(defined policies.
"akistan sugar industry has a role to play in the local market and can also strive for a
share in the international market in view of the emerging global perspective provided practical
difficulties are removed to ultimately strengthen the sugar economy.
The 1ugar Act, as amended in .)<., had the following features 4 5a6 a price ob!ective, re(
lated to the parity index of agricultural input prices and the wholesale price index=. 5b6 -uotas
on domestic production and on both raw and refined imports designed to be consis( tent with the
price ob!ective= 5c6 a tariff on imports of &.>%:& per raw pound= 5d6 a tax at wholesale on all
sugar of &.:&? per raw pound= 5e6 small payments to producers conditional upon their keeping
within their -uotas= and 5f6 the setting of minimum wages to be paid to workers in the sugar
,&.( 7 :
industry. @rom the viewpoint of avoiding low domes( tic prices, the Act was undoubtedly
successful.

3orld sugar production in .)<; was <'.< million tons of which only %..< million tons
were traded.% The free market accounted for .&.< million tons, A.1. imports for :.% million tons,
and other bilateral arrangements for the "rogram ended in ,anuary .)<:, the Anited 1tates
became the largest importer operating in the free market and, as shall be seen, the long(run price
on that market may be expected to be higher as a conse-uence.
"akistan is a country with a population of about .<& million inhabitants, which includes
about > million immigrants 59.: million Afghan refugees, % million illegal $angladeshis, B
million illegal other nationalities6. 1ugar is consumed in each and every beverage of "akistan
which includes soft drinks, tea, cold drinks 5sherbets, lassi6, tea, kehva etc. 1ugar is also used in
sweetmeats, bakery products, other confectionary items and pharmaceutical industry, etc. In
short "akistanis are a sweet tooth nation. The -uestion to be asked is at what price is sugar
affordable to the general public, at what cost are the sugar millers producing the sugar per Cg,
what is the international bench mark of producing sugar per Cg, and how far is "akistan away
from it. To keep our consumers happy and our sugar millers satisfied what kind of investment is
re-uired to improve our processes and savings so that we can reap the benefits in the future. The
sugar industry is the second largest industry of "akistan accounting for 'D of the total value
added in the large scale manufacturing industries and contributing Es .:(%& billion per annum
in the shape of general sales tax 521T6, federal, provincial and local taxes. The direct
employment in the sugar industry is about .%&,&&& managerial, skilled, semi skilled staff and in(
direct employment is about ; million people
"akistan has a uni-ue sugar industry in a way as no country in the world is operating its
sugar manufacturing industry on this pattern. Eight from Australia, India to $razil, which are
ma!or contributors to global sugar productions, no where the sugar industry has been given such
a free hand like in "akistan. It is only because of the fact that former dictator 2en Fia ul 8a-
developed this sector to nurture rural middle class in a bid to give new leadership to the nation,
,&.( 7 6
like all other army dictators of this poor country, and to counter the existing influence of
traditional political families as one sugar mills control at least one national assembly#s
constituency. Therefore, it is a political industry, and need a political or administrator solution to
save the domestic consumers from this fleecing who consider white crystalline sugar as an
immediate source of energy.
All along the current sugarcane crushing season, from /ovember %&&; to April %&&:,
millers have been fighting on three fronts G cane growers, the government and consumers.
Influential growers, who are said to be entrenched in the federal and provincial governments,
have managed to get relatively good price for sugarcane, reportedly at Es:: to Es>& a maund in
some cases this season. $ut the government maintained its pressure and imported raw sugar and
then allowed duty free import of fine sugar.
Cartels dominate the "akistan market, be it of sugar millers, wheat traders and flour
millers, cement manufacturers or auto makers. The government has been found wanting in
making timely intervention. 0ne of the solutions for the sugar problem is to impound the entire
sugar stock of the millers. The government should release it under strict vigilance and
monitoring. The millers should be paid after a realistic assessment of production cost with some
reasonable profit.
At the other end of the distribution channel in underdeveloped countries we find
consumers who typically buy in very small amounts. 2iven such supply and demand conditions,
marketing necessarily is an expensive business.
3orld sugar consumption which is around .;:,:;) million tons is likely to increase by
.& per cent in year %&.& to .>&,<&) million tons and the forecast for %&.: is about .<>,.>9
million which again is a .& per cent increase of %&.& estimates.

,&.( 7 ;
The onus of the sugar industry is now on the policy makers to devise a long term draft
solution, where farmers are given regular contracts from sugar mills on fixed bottom line prices,
farmers are paid promptly by the industry on delivery of sugar cane. That sugar cane is priced
not by its weight, but by its sugar content D age. There should be a minimum pric
Certain fixed sugar contents and above that farmers should receive a premium price,
while the sugar industry sector is given access to improve process technology generation, where
through the help of experts they can improve on their plants and processes, with bottom line
being to drop the cost of producing sugar per ton. This will also re-uire improvement in the
sugar cane crop being cultivated and Investment in research for better sugar yielding varieties of
sugar cane crop. The large scale improvement in the yield of sugar cane crop with better sugar
recoveries will be a right step to improve efficiency of the sugar mills.
DATA AND $ET%ODOLOGY
#ARIABLES
Consump!on
HI %&&)7.& sugar consumption is forecast at ;.9: HHT. Total per capita refined sugar
consumption is estimated at %: kilograms, based on improved domestic supply and strong
demand. Eetail sugar prices are expected to continue to hover around Es. ;: 5A1J &.:>6 per
kilogram, which is ;> percent above the last year#s average prices. Huch of the price hike is
attributed to currency devaluation followed by a rise in international prices. The stability of
retail prices will depend upon timely imports and prevailing prices in the international market.
1ugar consumption stands at ; to ;.% million tonnes. The buffer stocks of the millers and
Trading Corporation of "akistan are around >&&,&&& tonnes.
T')(e
HI %&&)7.& sugar imports are forecast at <9&,&&& HT, and HI %&&'7&) sugar imports
estimated at <&&,&&& HT. The government has traditionally imported sugar through the Trading
Corporation of "akistan 5TC"6 in an effort to moderate sugar prices. 8owever, in ,anuary %&&),
the government ended the sale of sugar at subsidized prices to the stateowned Atility 1tores
Corporations. Conse-uently an increasing share of "akistan#s sugar imports is expected to be
made up of private sector imports, expected to account for .&& percent of sugar imports in HI
%&&)7.&.
Imports of raw sugar are sub!ect to a %: percent import duty, a .> percent sales tax, a .&
percent regulatory duty, a % percent withholding tax, and a one percent central excise duty 5total
tax K :; percent6, where as imports of refined sugar may enter duty free 5although still sub!ect
to a total tax rate of %) percent6. In anticipation of the rationalization of the "akistan import
regime for sugar, the "1L+ includes estimates of raw sugar imports at 9&&,&&& tons in
HI%&&'7&) and %&&,&&& tons in HI %&&)7.&.
,&.( 7 7
Soc+s
HI %&&)7.& stocks are forecast at ..&: HHT, based on pro!ected supply(demand
scenarios and trade expectations.
,'o(uc!on
The "akistan sugar sector has the capacity to produce over %.: million metric tons
5HHT6 of molasses available for processing into ethanol. To maximize returns, the sugar
industry processes molasses to produce anhydrous and hydrous ethanol. Countrywide, nineteen
distillery units have an annual ethanol production capacity of over half a million tons. In %&&<,
"akistan exported more then %<9,&&& tons of ethanol 5hydrous plus fuel ethanol6. 8igher
production and exports are expected in the ensuing years.
E-po'
Mthanol exports have risen steadily over the past five years, as distilleries convert larger
volumes of molasses into value added ethanol. To date, there is no direct financial assistance or
tax incentive provided by the government for the production or marketing of ethanol or ethanol
blended petrol. /or does the 20" currently support any research and or development pro!ects
for ethanol production. /ever(the(less, increasing volumes of ethanol will be produced in
response to its competitive use in the world markets.
At present, over a :& percent of locally produced ethanol is exported at an average price of about
J:&&7HT. Hain destinations include4 Murope, @ar Mastern 5Corea, ,apan, Taiwan and the "hilippines6
and Hiddle Mast 5+ubai and 1audi Arabia6.
,&.( 7 +
Smu..l!n. o Af./)n!s)n
Another reason of sugar shortage in "akistan was smuggling of sugar toAfghanistan.
Around %&&,&&& tonnes of sugar was smuggled to Afghanistan as gur export was not banned and
it created shortage, where price of sugar is more than Es <:('& per kg. Though the government
banned sugar export to meet the local demand but remained reluctant to ban gur export to
Afghanistan. The smugglers under the umbrella of gur export sent sugar to Afghanistan. There
is around Es %: per kg difference of price in "akistan and Afghanistan. "1HA of /3@" wrote
a letter to the Hinistry of Commerce in 1eptember %&&' demanding ban on gur export but
nothing was done. "1HA in its letter had forecast that it would create problem for the sugar
mills.
,'!ces of Su.)'0An Impo')n #)'!)1le
"rovincial governments in %&&>7&< increased the official cane purchase price for ;&
kilograms to Es. >& for "un!ab, Es. >: for /3@", and Es.>& for 1indh NJ. K Es. >&O. 8owever,
prices were a volatile issue between the growers and processors for much of the season. The
growers refused to sell the cane at the official price and millers in some areas of "un!ab and
1indh delayed the start of crushing season. As a result, market prices for cane ranged from Es.
<& to Es. )&, depending on the region. 1ources predict sugar mills will enhance field extension
activities to encourage increased productivity in the years to come.
"rice of :& Cg sugar bag fluctuated between Es .:)9 to Es .>::.
The sugar price would likely touch around Es ;' per kg at retail if the government failed
to take appropriate measures to thwart off the root causes of the rising trend in the prices.


$ONT%LY A#ERAGE RETAIL ,RICE OF SUGAR2
,&.( 7 2
1enior member of Carachi 3holesale 2rocers Association, Anis Ha!eed said though the
prices of sugar at international market were also going higher but P3e are still in a position to
import the sugar on reasonable prices and control the situation within fortnight.Q
International scenario4 The sugar prices in the international market increased by around <:
percent in %&&) on back of low production and drought in two of the ma!or producing countries,
a spokesman of trading corporation of "akistan said @riday.
PThe sugar price will touch around J::' per metric tonne in the international market
during 0ctober contracts,Q analysts said.
The price of sugar in the international market witnessed an increase of J) per tonne
during a month.
8e said four(time more rains in $razil affected sugarcane production in the country
while worst ever drought in India during the last '9 years has also contributed to the sugarcane
production loss.
8e said low production and more than usual imports by China, Eussia and Muropean
Anion countries also fuelled the international sugar prices.
8e said in 1eptember %&.& the demand(supply gap of sugar in international market
would be : million tonne.
The country is facing the worst sugar crisis in its history with the price of sugar touching
Es :; per kg in the retail market and Es :% per kg in the wholesale.
The sources said due to indifference of the government, the financiers have stocked an
estimated %: percent of the available ..: million tonne sugar and created an artificial shortage to
increase the price.
They said during the last six months, the federal and provincial governments remained
busy abolishing the local government system. Although the government had appointed district
,&.( 7 19
magistrates to control prices of food items, no action could be initiated due to the prevailing
uncertainty.
The price of sugar shot up from Es 9' per kg in Harch to Es :; due to artificial demand
and supply mechanism controlled by the hoarders, the sources said. There are around '& sugar
mills in "akistan with a production capacity of < million tonnes while the demand of sugar is
estimated at ; million tonnes only. Around more than )& percent of the sugar mills are owned
by politicians both from the ruling and opposition parties.
$esides controlling the supply(demand gap and discouraging hoarding there is a dire
need to take steps for the welfare of the farmers who sow sugar cane and are also exploited by
the mill owners.
A well(placed source in the TC" informed this scribe that that a number of sugar mills
owned by renowned political persons are involved in artificial shortage of sugar and are
involved in collusive pricing.
T/e 'e)sons fo' lo3 *!el( !n ,)+!s)n )'e )s un(e'
5i6 Anscientific7Ansystematic agriculture practice.
5a6 Improper selection of land.
5b6 Improper preparation of land.
5c6 Conventional planting methods.
5d6 *ate "lanting
5e6 Hoisture 1tress at critical stage of crop growth.
5f6 Marly and late harvesting.
5g6 "oor Hanagement of ratoon crop.
5ii6 Mnvironmental Eesistance
5iii6 *ow soil fertility
5iv6 +efective verities
5v6 "ests, disease and weeds
5vi6 Credit shortage
5vii6 Eapid7 Anplanned increase in 1ugar cane acreage in unsuitable areas of "akistan.
"akistan 1ugar Hills Association 5"1HA6 in a recent advertisement appearing on all the front pages of
almost all the leading newspapers of country has pointed out the emergence of, as they claimed, a
Rmiddle man mafia# which is supplying sugarcane to "1HA members at Es .): per ;& kg after buying
from farmers. @ederal and provincial governments have been urged to take action against this Rmafia#
because it will render sugar industry non(competitive, a claim made in this advertisement.
,&.( 7 11
R)3 Su.)'
The "akistan 1ugar Hills Association 5"1HA6 also re-uested the government to import
raw sugar to overcome the possible shortage in the country. 8owever, the government did not
allow import of raw sugar. The price of raw sugar in the international market was roaming at
J%%: per tonne 5Es %% per kg6 in +ecember %&&', when it was clear that there would be shortage
in the coming time. In April %&&) raw sugar in international market remained at J;%& per tonne
5Es ;% per kg6 and the government decided to import refined sugar through TC".
Co)l!!ons
A coalition in economics refers to a group of companies that create a mutual trust
between each other in order for increased profit.In "akistan, it is observed a great coalition in
sugar industry as sugar prices started rising ahead of Eamadan, because the people usually
increase their en!oying of sweet dishes at iftar and sahoor.
There are <' sugar industries in "akistan.
,&.( 7 12
This year the nation however is going through Rthe most difficult time# contributed by
the hoarders during the sacred month. /onetheless, the authorities claim that there was no
shortage of sugar in the country and blamed hoarders for artificially creating such a shameful
situation. The Trading Corporation of "akistan has 9&&,&&& tons of sugar in stock. Another
import of 9&&,&&& tons of raw sugar and <:,&&& tons of refined sugar is expected. 3hat the
people of "akistan are paying for sugar is a price determined not by the market but by the
powerful lobby of manipulators7tycoons. Indeed, the present sugar crisis is the uni-ue one as it
has exposed the RMxecutive# of its incompetence and poor governance.
A ma!ority of the 1ugar tycoons is the "arliamentarians who have robbed consumers and
pocketed around Es:> billion in !ust two weeks, and the 1tate has not been able to rescue the
poverty(stricken people. The cabinet held detailed discussion on the prevailing sugar crisis, but
could not come up with any impressive solution to pull the country out of crisis. The cabinet
committee however has been trying to reshape the future line of action with particular reference
to giving incentives to the sugarcane growers along with increasing the sugarcane support price.
$ut, as the "akistani under(flourished democracy is still passing through a rough time, the 1tate
apparatus e.g. the Competition Commission of "akistan 5CC"6, Chief Controller5prices6 in the
Hinistry of Industries L "roduction and the R"rice Hagistrates# of provincial governments are
almost devoid of courage and determination to discipline the influential tycoons. Horeover, the
dominant sugar mill owners always find a way to influence the decision(making process of the
Mconomic Coordination Committee 5MCC6 of the cabinet and other federal forums. Although,
the International 1ugar 0rganization 5I106 says, Pworldwide sugar supplies are expected to
fall,Q yet, the sugar mill owners in "akistan d an artificial shortage causing a shameful loss of
3rit of the 1tate. A kilo of sugar cost %: rupees at the start of %&&) and now costs around :&
rupees. /o doubt, there is a %9 per cent decline in sugar crop production. Hill owners hoarded
sugar and increased prices thinking the government will ultimately import. "akistan is Asia#s
third(largest user of sugar and the world#s fifth largest producer of sugar cane, according to the
"akistan 1ugar Hills Association. +espite this production, @inance Hinister 1haukat Tarin told
A@" imports were now needed. 0n the other hand, *ahore 8igh Court has ordered "un!ab
government to ensure the supply of sugar at Es;& per kg in the province. $ut the millers are
reluctant to obey such orders to sell at the slashed price. Above all, it is worrisome for the
"un!ab government that the slashed price will encourage inter(provincial smuggling and this
cheap sugar may end up in the neighboring countries. 8ence, the "un!ab government#s demand
for a Runiform sugar price# across the country is -uite reasonable. 3hen the international price
of sugar is low, the suppliers urge the government to impose duties on sugar to discourage its
import, but when the price is high in the international market, the suppliers raise domestic prices
on that pretext. 3hat would cure the ailing sugar industry? 0nly time will tell. The "akistan
Agricultural Eesearch Council 5"AEC6 is trying to develop new varieties of sugarcane to help
overcome sugar crisis in the future. The concerned officials should be brave enough to enforce
and implement the public policy in the best interest of the people and keep a strict eye on the
demand and supply graph. A Runiform# national price for sugar would settle the issue of
smuggling. 0n the other hand, the media should educate people about the dangers of consuming
sugar especially the white sugar and by(products.
These sugar mills have stocked '& percent of sugar production to create artificial sugar
shortage in the country so that price could be manipulated on their whims.
,&.( 7 13
+espite the fact there has been an increase in per capita income, the consumption of
sugar decreased due to availability of other sweeteners= health hazards associated with
consumption of sugar and= life style changes focused on health food intake.
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,&.( 7 1:
E$,IRICAL DATA AND CALCULATIONS

,&.( 7 16

T)1le 42
,RO"ECTION OF DE$AND AND SUGAR ,RODUCTION CA,ACITY
4555065
Iear
"opulation In
Hillion
+omestic Consumption
in Tones
"ro!ected 1ugar "rod4
Capacity In Tones
.)))(
%&&&
.9<.:. 9&%:%%& %;.;<;>
%&&&(&. .;&.); 9.&&>'& 99&;9>&
%&&.(&% .;;.;< 9.<'9;& 99&;9>&
%&&%(&9 .;'.&' 9%:<<>& 99&;9>&
%&&9(&; .:..<' 999).>& 99&;9>&
%&&;(&: .::.:' ;9%%<>& 99&;9>&
%&&:(&> .:).%> ;;9);<; 99&;9>&
%&&>(&< .>%.;) ;::)9;& 99&;9>&
%&&<(&' .>:.'< ;>:&:%< 9:>&&&&
%&&'( &) .>).9; ;<;&&&& 9:>&&&&
Source: Government of Pakistan, Economic Survey, 1999-2000, Islamabad, 2000,
Statistical Section P0!
51ugar industry in "akistan, http477www.pakistaneconomist.com7issue%&&%7issue9'7iLe9.htm6
,&.( 7 1;