April 10, 2007	Tuesday	Rabi-ul-Awwal 21, 1428

KARACHI, April 9: The Trading Corporation of Pakistan (TCP) said on Monday it was seeking government approval to restart wheat exports after a good harvest this year left a surplus of more than 2.0 million tons.

Wheat exports are managed by private traders, and officials said the TCP, a trading agency involved in the import and export of various commodities, was barred from the business to encourage private exporters.

Abdul Malick, chairman of the TCP, said he would press the government to allow the agency to export wheat as well.

“We have exported 1.5 million tons in the past so it's not a new trade for us,” Malick told Reuters.

“We deserve to be a part of the wheat trade in Pakistan because we are the most experienced player in this business.”

The government stopped wheat exports through the TCP in May 2003 after domestic supplies ran short. In 2004 it also banned exports through private traders.

But it lifted the ban in January when it allowed the overseas sale of 800,000 tons by private traders and removed a 15 per cent duty on exports.

Exports were authorised after reports the crop was likely to reach 23 million tons, compared with a 21.5 million ton target.

However, the government kept out the TCP, which exported 1.7 million tons of wheat in the 2002/03 fiscal year (July-June) to the Middle East and Africa.

Pakistan, which annually consumes 22 million tons of wheat, has carryover stocks of 2.1 million tons from last year's crop, leaving an exportable surplus of more than 2.0 million tons.

Malick said the TCP was discussing export prospects with Pakistan Agriculture Storage and Services Corp. and also with the government of Punjab.—Reuters