“Sugar prices may not go up drastically,” said Chambers of Commerce Federation President Ahmed al-Wakil. “But they won’t go down to the last price of LE4 per kilo.”
“Sugar quantities on global markets are small and we may not find enough for our local needs,” he added, explaining that Egypt consumes 2.2 million tons per year, while the imported quantities that the government projects it will add to domestic sugar production will not exceed 150,000 tons.
Al-Wakil attributed the scarcity in global sugar supply to reductions in the Brazilian crop, the world’s largest sugar exporter, followed by Thailand and India.
Translated from the Arabic Edition.