Importers: Sugar export ban keeps prices stable in Egypt

Published Oct 8, 2024

Tridge summary

The Ministry of Investment and Foreign Trade in Egypt has extended a ban on the export of sugar for another six months, as announced by Matt Beshay, Head of the Supply Committee of the General Importers Division. This decision aims to stabilize the price of sugar in the local market, which had experienced a significant increase due to a scarcity of supply caused by various factors including adverse weather conditions in major sugar-exporting countries like India and Thailand, and hoarding by traders. The ban allows for the export of surplus sugar, as long as it does not exceed the local demand, and is in effect until October 7, 2024. Egypt, which produces about 2.7 million tons of sugar annually, but consumes around 3.5 million tons, relies on its own production to meet local demands, with 15 state-owned sugar factories and a few private ones.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Written by - Dina Khaled: Matt Beshay, Head of the Supply Committee of the General Importers Division, said that the decision of the Ministry of Investment and Foreign Trade to ban the export of sugar of all types for a period of 6 months maintains price stability. Beshay explained that Decision No. 68 of 2024 confirmed that Ministerial Resolution No. 88 regarding the ban on the export of sugar of all types will continue to be in effect except for surplus quantities for a period of 6 months in Issue No. 220 on October 7, 2024. Beshay pointed out that Article 1 of the decision confirmed that Ministerial Resolution No. 88 of 2023 referred to will continue to be in effect for a period of six months. Ministerial Resolution No. 88 of 2023 stipulates that the export of sugar of all types will continue except for quantities surplus to the needs of the local market, which are estimated by the Ministry of Supply and Internal Trade and after the approval of the Minister of Trade and ...
Source: EGmasrawy
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