Egypt’s Industry Accepts Offers For Exporting 172.000 Tons Of Rice Till Mid-April

The bid, which was announced by the Egyptian Ministry of Foreign Trade at the beginning of February 2013, ended, said Hatem Saleh, Egyptian Minister of Industry and Foreign Trade. The bid was about exporting 100.000 tons of rice that can be increased or decreased depending on the offers submitted by 97 firms for the highest value of additional export. The quantities allowed for export reached 172.000 tons till mid-April.

The minister has referred that 247 firms bought conditions of contract, and 207 firms submitted offers in order to get export licenses; elaborating that the submitted applications outstripped the announced quantities by 72%. He added that EGP 8000 will be collected as export fees per ton, along with a surcharge ranges from EGP 225 to 150 per ton; pursuant to the bid.

It is worth mentioning that the minister has made a decision of organizing the export of rice, in order to export the surplus rather than the domestic consumption. This decision aims at achieving a balance between the local needs and the quantities allowed to be exported, furthermore, achieving a suitable income for the farmer, typical exploitation of the Egyptian rice in the external market, and setting mechanisms that secure the stability of rice prices in the interior market and traditional markets abroad.