Egypt increases pressure on the potato market in Ukraine and other European countries
Fresh Common Potato
Published Mar 22, 2024
Tridge summary
The devaluation of the Egyptian pound over the past two years is impacting the European potato market. As Egypt is one of the top five global potato exporters, the devaluation has coincided with a season of active exports, helping to ease potato shortages and prevent price increases in Europe. However, Houthi terror in the Red Sea is causing export difficulties, making the export of potatoes from Egypt to the EU even more appealing.
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
According to EastFruit analysts, the sharp devaluation of the Egyptian pound, which, by the way, we warned about in advance, has a serious impact on the potato market in Europe. Let us recall that on March 6, the Egyptian government released the official exchange rate of the local currency, which led to an increase in the US dollar to pound rate by more than 61% in just one day. In general, over the past two years the local currency has depreciated more than three times. The devaluation of the local currency coincided with the season of active potato exports from Egypt. Since potatoes are one of the country’s main export crops, and in Europe the prices for potatoes are breaking all records, the devaluation for this market was very appropriate. This allows us to somewhat reduce the tense situation with potato shortages and avoid further price increases. Read also: Due to the influx of imported products, potato prices in Ukraine began to decline Egypt is one of the top 5 largest ...
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