Importers say local reserves of staple commodities “safe”

Commodity importers have assured that Egypt’s local reserves of staple commodities are largely safe, noting that global and local prices on goods have remarkably decreased.

Karim Adib, an importer, said the signing of new contracts are currently slowing down despite the receding effect of black market currency, with the US dollar stabilizing at around LE7.

Adib said the government had signed three contracts for importing wheat for the General Authority for Supply Commodities, coinciding with falling world prices, which stood at US$250 per tonne for Romanian and Ukrainian wheat.

Sugar reserves at state and private companies covers the country’s needs for the coming four months, ِAdib said, noting that its prices are currently stable at LE3900 per tonne.

He said other commodities have witnessed significant price drops.

Rice wholesale rates sagged from LE2,400 to LE2,100 per ton, while beans dropped by US$100 per tonne and corn by US$150, he explained. Adib added that retail prices remain high having been bought with high prices.

Edited translation from Al-Masry Al-Youm

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