Egyptian wheat reserves enough to combat crisis

Egypt's strategic wheat reserves remain capable of combating Egypt's persistent wheat crisis, the Ministry of Trade and Industry recently said.

The Food Supply Authority has imported 3.7 million tons of wheat since Russia halted grain exports in August, following a devastating drought in the country.

Hesham Ragab, assistant minister of trade, said wheat imports over the past three months should help stabilize Egyptian reserve units until next May.

Egypt imports approximately six million tons of wheat annually to compensate for insufficient local production.

One ton of wheat currently sells for US$365 on the international market, up US$30 from the previous sale period, added Ragab.

Ragab predicted Australian wheat production shortages will cause prices to spike.

Egypt is the world's largest importer of wheat. It imports an average of nine million tons annually, according to the International Grains Council.

Translated from the Arabic Edition.

Related Articles

Back to top button