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.