Egypt scraps tariff imposed on sugar exports in 2017

Egypt has cancelled a tariff imposed last year on sugar exports, the ministry of trade and industry said in a statement received on Wednesday, in a move that opens the door for exports to resume.

The Egyptian government last year imposed a tariff of 3,000 Egyptian pounds ($168.26) per tonne on sugar exports as part of efforts to stem a rise in sugar prices in the local market.

In the statement, the ministry of trade and industry said the decision to lift the tariffs was made because of a sugar surplus in the market that can be exported.

An adviser to the supply ministry said in May that Egypt did not expect to import additional sugar this year as it has enough strategic reserves to meet the country’s needs for more than eight months.

Egypt had previously said it expected to produce about 2.3 million tonnes of sugar this year. It consumes about 3 million tonnes and fills the gap with imports.

Source: Reuters