Egypt renews ban on exporting sugar for 3 months

The Ministry of Supply and Internal Trade on Monday opted to renew the ban on exporting local sugar abroad for a period of three months, starting from July 1.

The Minister of Trade and Industry, Ahmed Samir, issued a decision regarding Ministerial Resolution #88 of 2023 banning the export of all types of sugar except for three months in excess of the needs of the local market, which are estimated by the Ministry of Supply and Internal Trade, and after the approval of the Minister of Trade and Industry.

Minister of Supply and Internal Trade Ali al-Moselhi, also issued a ministerial directive that included increasing the availability of the supply of sugar to meet the required needs.

Earlier in June, Moselhi previously called for an increase in the price of subsidized sugar on ration cards from LE 12.6 to LE18 per kilo, compared to LE35 for the price of kilo in the markets.

Sugar prices jumped to their highest level in Egypt’s history during the first four months of this year, bringing the price of a kilo to between LE 50 and LE 60 in the markets, with some merchants stocking up on expectations that prices will continue to rise.

The government later announced a contract to purchase 750,000 tons of white sugar from abroad to arrive in the country before the end of 2024, which led to a drop in wholesale sugar prices from LE32,000 per ton to LE30,500 per ton by the end of May.