News

Egypt: An increase in bean prices reaching 4 thousand pounds per ton within a month

Dried Common Bean
Egypt
Market & Price Trends
Published Jan 1, 2024

Tridge summary

The prices of imported beans in Egyptian markets have risen between two to four thousand pounds, with wholesale prices reaching 32 thousand pounds for beans and 34 thousand pounds for crushed beans, up from 28 thousand and 30 thousand pounds respectively a month ago. This increase is attributed to a shortage of beans in the markets, the rise in the price of the dollar in the parallel market, and Egypt's heavy reliance on importing beans from abroad. The price of the dollar in the parallel market has jumped to around 54 pounds, widening the gap between the official and informal market to about 23 pounds, due to shortages in foreign exchange supply and restrictions on the use of payment cards in foreign currencies inside and outside Egypt.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Written by Dina Khaled: Obour Al-Attar, Deputy Head of the Agricultural Crops Division at the Cairo Chamber of Commerce, told Masrawy that the prices of imported beans rose in the markets by a value ranging between two thousand and four thousand pounds, depending on the variety, within a month. Al-Attar added that the prices of imported beans rose in the wholesale market to record about 32 thousand pounds, compared to 28 thousand pounds a month ago. He pointed out that the prices of imported crushed beans rose in the wholesale market to record about 34 thousand pounds, compared to 30 thousand pounds before the rise. Al-Attar attributed the rise in prices to the shortage of beans in the markets, as well as the rise in the price of the dollar in the parallel market over the past few days, and Egypt’s reliance on importing large quantities from abroad. Egypt imports about 85% of its faba bean consumption, about 95% of its lentil consumption, about 80% of cowpeas, and 100% of ...
Source: EGmasrawy
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