Egypt bans sugar imports for 3 months amid global decline in prices

Egypt bans importing white and raw sugar for a period of three months, according to Minister of Trade and Industry Niveen Gamae.

The minister has issued the decree that excludes sugar imported as supply for pharmaceuticals production, provided the supplies obtain the approval of the health ministry.

The ministry added that importing raw sugar will be allowed only with the approval of the ministries of supply, trade and industry regarding import quantities

Gamae said that the decree was issued in coordination with the Ministry of Supply and Internal Trade with the aim of protecting the national industry against fluctuations in global sugar prices, especially raw sugar prices, that declined by 30 percent as a result of the downturn in global oil prices.

“The action came in light of the Covid-19 outbreak crisis and its implications that harmed Egypt’s national industry significantly, giving space for the national sugar industry to recover from the decrease in the global prices,” Gamae said.

Minister of Supply and Internal Trade Ali Moselhi said that the past period witnessed a surge in sugar imports that caused overstocking.

He revealed that Egypt’s total sugar consumption reaches up to 3.2 million tons annually, including 2.4 million tons produced domestically, saying that new projects that will commence production soon will allow Egypt sugar self-sufficiency.