Conflict between world’s top wheat exporters may raise Egypt’s costs by $955m
With wheat prices hitting record highs following Russia’s invasion of Ukraine, Egypt may see its wheat bill increase dramatically this year.
The country’s finance minister, Mohamed Maait, expects wheat import bills to soar as much as 15 billion Egyptian pounds ($955 million), Al Arabiya reported.
As exports are being halted from the world’s major breadbaskets – Ukraine and Russia, wheat prices jumped by 37 percent so far this year and maize prices are up by 21 percent.
This poses a threat to all wheat importers, especially Egypt, given its position as the world’s top importer.
Russia topped the countries from which Egypt imported wheat during the first eleven months of 2021, accounting for almost 70 percent, or $1.2 billion, of the latter’s wheat imports.
Ukraine came next with 10.7 percent of wheat imports, valued at $650 million dollars.
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