Sugar prices in the local market surged by over 50% in the past few weeks, climbing to EGP 27-50 per kilo with some merchants hoarding the commodity in anticipation of potential government price hikes
Responding to a drastic surge in local sugar prices, Egypt's General Authority for Supply Commodities (GASC) secured the import of 50,000 tons of raw sugar slated for delivery in February 2024, revealed a cabinet statement on Wednesday.
Sugar prices in the local market surged by over 50% in the past few weeks, climbing to EGP 27-50 per kilo with some merchants hoarding the commodity in anticipation of potential government price hikes.
According to yesterday’s statement, local sugar production from sugar cane is scheduled to begin in January, while production from sugar beets is set to start in March.
In a recent Facebook post, Minister of Supply and Internal Trade Ali Al-Moselhi shared that the ministry had injected 245,000 tons of sugar into the markets, highlighting the substantial reserves in various governorates.
On Tuesday, Moselhi declared that Egypt's strategic sugar reserves could cover local consumption needs for nearly eight months.
The government recently announced it would be extending the ban on sugar exports last week to curb price hikes and meet local demand. Prime Minister Mostafa Madbouly also called for regular reports on sugar prices until they stabilize at around EGP 27 per kilo.
A major sugar producer, Egypt typically generates around 2.7 million tons annually from 300,000 feddans of sugar cane and 650,000 feddans of sugar beets, according to data from the Egyptian National Agriculture Library.
