Egypt resumes sugar exports after 3-year hiatus

Egypt resumed sugar exports in January after a three-year hiatus, the Sada news agency reported.

The Egyptian government has decided to allow sugar exports in order to reduce the domestic sugar surplus, which has led to an increase in sugar stocks to 1 million tons, said Hassan El Fendi, head of the sugar branch of the Federation of Egyptian Industries.

He said the decision was made in connection with growing pressure on local factories due to high operating costs and an excess supply of sugar on the domestic market. Given that domestic sugar stocks last for 10 months and the sugar beet harvest has already begun, the decision to export sugar will provide the necessary funds to finance the industries, both for government and private producers.

The decision to export also comes as a ban on raw sugar imports is expected to expire at the end of this month, which could lead to a further oversupply of sugar in Egypt’s domestic market. According to Sada, the increase in sugar supply in the local market has led to lower domestic prices and losses for local sugar producers.

Tags: Egypt, export, sugar