On 22nd March 2023, Ahmed Samir, the Minister of Trade and Industry in Egypt, announced a three-month ban on all forms of sugar exports, with the exception of amounts that exceed local market requirements.
As Per The Order
As per the decree published in the Official Gazette, excessive quantities of sugar will be estimated by the Ministry of Supply and Internal Trade, as a precautionary measure so that sufficient sugar would be available for domestic consumption i.e. for human and industrial use, and these quantities would have to undergo ministerial approval for exports. Due to a rise in global sugar prices, businesses tend to witness higher profits with sugar exports thus benefiting Sugar Exporters.
Works Of The Government
Egypt planted 620,000 feddans of sugar beets this year, an increase of 10,000 feddans from 2022, to compensate for the shortage of sugar cane. Egypt aims to produce 1.8 million tons of sugar from beets. Ali Moselhi, Egypt’s Minister of Supply and Internal Trade, increased the procurement costs for local sugar beets for the current season by EGP 75 per ton last week in an effort to incentivize farmers to grow more of the crop as the nation aims to double its current output.
According to Moselhi, who added that the supply ministry’s sugar reserves are sufficient for three to five months, beet cultivation has increased to make up for sugar cane shortages.
Egypt is presently working to expand its agricultural land through a program of land reclamation with a target area of about 3.5 million feddans.
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