A 15-20% increase in the prices of imported spices in Egypt

Published Apr 4, 2022

Tridge summary

In March, the prices of imported spices in Egypt saw a significant increase, with black pepper, Indian cumin, cloves, ginger, and cinnamon experiencing the highest hikes. The main causes of this price surge were import restrictions and the decline in the value of the pound against the dollar. The devaluation of the pound, which reached 18.27 against the dollar by the end of March, coupled with delays in the issuance of documentary credits, led to a reduction in the demand for Ramadan yamish by 20-25% compared to the previous year. This demand is largely met by imports, with 80% coming from abroad and 20% being locally sourced. The article provides a detailed breakdown of the increased prices for various spices and Ramadan yamish ingredients, including nuts, dried fruits, and beverages, highlighting the significant impact of the pound's devaluation on the cost of these essential food items.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Traders confirmed the increase in the prices of imported spices from 15-20% during the month of March, as they jumped with collective increases for most imported varieties, especially black pepper, Indian cumin, cloves, ginger and cinnamon. Traders attributed the increases in spice prices to several factors, most notably restrictions in the process of releasing imported shipments, starting last March, as well as the decline in the value of the pound against the dollar. The local currency had lost about two and a half pounds, starting from March 21 against the dollar, to touch its price of 18.27 pounds, compared to 15.7 before that period. Mahmoud Mostafa El-Sheikh, director of the Mostafa El-Sheikh Sons of Spices Company, told Al-Mal that huge and collective increases have occurred in the prices of imported spices, which constitute 80% of the spice supply in Egypt. He continued, "The prices of a number of spices jumped to record 95 pounds per kilo of black pepper, compared to 72 ...
Source: Almalnews

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