Chambers of Commerce warn of increased sugar price

The Federation of the Egyptian Chambers of Commerce warned of the increase of white sugar prices on the domestic market after the government imposed duties on imports at a minimum of LE700 per ton.
"The average price of a kilogram of sugar was 475 piasters compared to 450 before duties were imposed," said Khaled Fathallah, Vice Alexandria Chamber of Commerce Chairman.
Fathallah pointed out that the companies have resorted to raising the price due to import costs.
Fathallah said he did not expect prices to increase during the month of Ramadan due to the existence of a high sugar stock and the increase of consumption during Ramadan at a three-fold rate, compared to normal months.
Chairman of the Export Council for Food Industries Alaa al-Bahey said maintaining the sugar industry will affect the stability of sugar-dependent industries. The price of sugar went up from LE3,900 per ton to LE4,250.
Head of the Confectionery Division Hassan Fendy warned that imposing these duties before Ramadan would force sellers to increase prices.
Head of the Delta Sugar Company Abdel Hamid Salama called for the imposition of duties on raw sugar to protect the domestic industry, pointing to the LE180 million loss his factory experienced, compared to a profit of LE150 million last year because imports were permitted without fees.
Edited translation from Al-Masry Al-Youm

Related Articles

Back to top button