Egypt: Does the sugar export ban lead to lower prices in the market?

Published 2024년 10월 8일

Tridge summary

The article highlights the decision to ban sugar exports in Egypt for the next six months by the Minister of Investment and Foreign Trade, Hassan El-Khatib. This move is aimed at stabilizing the local sugar market and preventing price drops due to overabundance. The country will continue to import sugar to meet its demand, which surpasses its production by 850,000 tons annually. Currently, Egypt's sugar market is experiencing stability, with prices ranging from 29,000 to 30,000 pounds per ton, thanks to the ban and stable global prices. The article also mentions the agricultural aspects of sugar production in Egypt, including the cultivation of sugar cane and beets and the operation of 15 sugar factories.

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Original content

Written by - Dina Karam: Hassan El-Fandy, head of the Sugar Division at the Federation of Industries, said that the decision to stop sugar exports for 6 months contributes to achieving price stability in the local sugar market, and the abundance of stock away from price declines. He stressed that the abundance of sugar in the market at a suitable, stable price is more important than the decline in its prices. Hassan El-Khatib, Minister of Investment and Foreign Trade, decided to continue the ban on sugar exports for the next 6 months, except for quantities surplus to the local market. El-Fandy explained that the Egyptian market will witness remarkable stability compared to what it was in 2022 and 2023, which helps to provide sugar with stable prices. He added that Egypt has contracted to import one million tons of sugar, and batches of it have been received, and the rest of the quantity is being completed to cover market needs. El-Fandy indicated that the price of sugar ranges ...

Source: EGmasrawy