Egypt expands ban on onion export to the end of March

Egypt’s Prime Minister Moustafa Madbouly extended onion ban exports until the end of March next year, during a ministerial meeting on Monday on efforts to regulate commodity prices.

Moreover, the meeting discussed supplying more goods to markets and commercial complexes throughout the nation, as well as monitoring the necessary availability and affordability of various commodities in markets.

It’s noteworthy that the three-month ban on onion exports was effective in early October.

Currently, onion purchasing prices reach 35 Egyptian pounds per kilo in some markets across the country, up from 27 pounds in the previous month and 12 pounds last year.

Egypt’s onion exports increased by 95.9 percent to $129.3 million in the first half of 2023 from $66 million in the same period the previous year, according to the official statistics authority, CAPMAS.

In August, Egypt’s monthly inflation rate for food and drink costs was 2.2 percent. On the other hand, the cost of vegetables increased even more quickly, rising from 5.5 percent to 24.4 percent in August.

The cost of food and drink increased by 71.9 percent year on year, while the annual inflation rate for housing and restaurant services is 49.5 percent.