Islamabad: Surplus wheat production has become a perpetual problem resulting in losses to the tune of billions of rupees, therefore, the government should frame a new wheat export policy and try to reduce the area under cultivation for the wheat, a business leader said Monday.

According to details, the surplus wheat stocks with provinces and the federal government have reached a record high of nine million tonnes of which half is lying in the open on the mercy of the weather, said Atif Ikram Sheikh former President ICCI.

He said that all the efforts to export wheat have remained counterproductive despite handsome subsidy as the international prices are almost half to the local prices.

Moreover, the rebate claims of the exporters are still pending which will make it difficult for the business community to export more.