Egypt: 20% increase in food prices and decisions to ban the export of basic commodities maintain stock

Published 2022년 3월 30일

Tridge summary

The article highlights the impact of the Russia-Ukraine conflict on global food supplies and prices, with an emphasis on wheat, as these two countries account for about a third of the global supply. In response, the Egyptian government, led by Danone Egypt's General Manager, Haitham Sadek, has taken proactive steps to ban the export of strategic goods like gravel, crushed beans, lentils, wheat, flour, and pasta for three months starting on March 11. This decision aims to preserve the country's stock of strategic goods and is part of efforts to provide all strategic and food commodities for the holy month of Ramadan. The article also touches on the potential long-term effects of the Russian-Ukrainian crisis on Egypt, including a significant decrease in wheat imports and a rise in prices, and the challenges and opportunities these developments present for Egypt in terms of food security.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Haitham Sadek, General Manager and Managing Director of Danone Egypt and North East Africa, said that the Russian war on Ukraine has disrupted global food supplies and dramatically increased commodity prices, especially since Russia and Ukraine provide about a third of the global wheat supply, and the conflict has led to a rise in wheat prices. He explained that the decisions issued by the Ministry of Trade and Industry to ban the export of “gravel and crushed beans, lentils, wheat, and flour of all kinds, as well as pasta of all kinds”, for a period of 3 months, starting from 11 March, comes within “Proactive decisions”, in light of fears of an economic crisis and a wave of inflation that began to affect the markets, through significant increases in the prices of goods and food in the local market. Sadiq added that the decision was expected in light of the crisis that hits the whole world and not only Egypt, the current period is witnessing waves The successive rise in prices of ...

Source: Amwalalghad