The General Authority for Supply Commodities (GASC) in Egypt has initiated the import of 50,000 tons of raw sugar, scheduled for delivery in February 2024, as a response to the concerning surge in local market prices, as per a Cabinet statement released on Wednesday.
The official statement outlined that domestic production of sugar from sugar cane is set to commence in January, with production from sugar beets expected to start in March. To stabilize the local market, the Egyptian government recently prolonged the ban on sugar exports, given the fluctuating prices ranging between EGP 27-50 per kilo and the practice of vendors hoarding inventories.
Minister of Supply and Internal Trade Ali Moselhi revealed on Tuesday that Egypt’s strategic sugar reserves are sufficient to meet local consumption needs for nearly eight months. Prime Minister Mostafa Madbouly has called for regular updates on sugar prices until they stabilize at EGP 27 per kilogram.
Egypt, with an annual sugar production of approximately 2.7 million tons derived from 300,000 feddans of sugar cane and 650,000 feddans of sugar beets, faces an annual local demand of 3.5 million tons, as per data from the Egyptian National Agriculture Library.
