Egypt's 1Q Corn Imports Fell 54%

Egypt corn imports fell by 54% in the first quarter of the current marketing year beginning October, the U.S Agriculture Department said late Wednesday.

Egypt imported around 1.4 million metric tons of corn in the October through December period, down from around 3.0 million tons in the prior-year period, the USDA said in its March "Grain: World Markets and Trade" report.

Corn imports in the first quarter of 2022-23 is the lowest since the 2008-09 marketing year, it said.

In 2022-23, Egypt corn imports are forecast to fall by 8% to 9.0 million tons, the lowest since the 2017-18 marketing year, it said.

"Import restrictions enforced by Egypt in 2022 have compounded ongoing foreign currency challenges, causing major disruptions for Egypt's feed grain traders," the USDA said.

In 2021-22, almost all of corn exports to Egypt were supplied by Brazil, Argentina, Ukraine, and the European Union, accounting for 48%, 25%, 17% and 8% of the total share, respectively, it said.