Islamabad, Feb 2 (IANS): Pakistan has approved the export of 100,000 tonnes of sugar in an attempt to prevent a possible glut in the market.

The decision to allow sugar export was taken at a meeting presided over by Finance Minister Abdul Hafeez Shaikh.

Dawn reported that the government allowed export of 100,000 tonnes of sugar to improve sugar industry's cash flows and prevent a possible glut in the market that may further bring down the retail price.

The ministry concerned had sought export of 200,000 tonnes in view of substantial stocks following a demand from the Pakistan Sugar Mills Association.

The country banned sugar export in 2009 when domestic prices shot up to over Rs.80 per kg from around Rs.40 per kg.

The meeting was informed that carryover stocks from last year stood at 900,000 tonnes while the current season could yield around 4.5 to 5 million tonnes.

With a domestic annual consumption of 4.2 million tonnes, the expected surplus was estimated at 1.5 million tonnes.