Egypt temporary allows rice exports

Egypt will allow rice to be exported over the next six months at LE2000 ($255.2) per tonne, the industry and foreign trade ministry said in a statement on Sunday.

According to the ministry decree, the fee must be paid in an exchangeable foreign currency via Egyptian banks.

The decision, based on projections of a surplus, follows the ban on rice exports imposed last month when consumption was estimated to exceed production.

In an August press release the ministry said rice production for the fiscal year 2015/16 was estimated at 2.7 million tonnes while domestic consumption was expected to reach 3.6 million tonnes, with the gap to be covered by the 750,000 tonnes left over from the previous year.