This volume should enable the country to satisfy its galloping consumption of food, driven by strong demographic growth.
In 2020/2021, Egypt plans to import between 600,000 tonnes and 700,000 tonnes of sugar. This is according to Reuters, quoting an official from the Ministry of Agriculture. The announcement comes a few weeks after the July 3 issuance of a Commerce Ministerial decree temporarily prohibiting foreign purchases of raw and refined sugar.
The move was intended to protect the industry from competition from low-priced imports in a global context where product prices fell 30% in the wake of lower oil prices.
Egypt produces 2.7 million tonnes of refined sugar per year from sugarcane and sugar beet for needs amounting to 3.3 million tonnes per year. The country spent $ 450 million on sugar imports in 2019, according to data from the United States Department of Agriculture (USDA).
Source Ecofin Agency July 2020