A ban on Egypt’s import of white and raw sugar will continue for an additional three months to give a chance for local companies to clear their stocks of sugar, Trade and Industry Minister Nevine Gamea announced on Tuesday.
Egypt's sugar reserves are estimated at 1.4 million tons of sugar, which is sufficient for consumption for more than six months, Gamea said, according to an official statement.
The decision, which will come into effect once published in the official gazette, excludes white sugar required for pharmaceutical industries. For raw sugar, only specific quantities approved by the ministries of trade and supply can be exempted from the import ban.
Gamea said the decision aims to protect local industry from the volatile changes in global sugar prices.