Egypt extends ban on sugar exports for three months

The decree exempted surpluses from the export ban.

The extended ban constitutes a precautionary measure to secure sufficient sugar supplies for domestic consumption.

The alarming increase in sugar prices in recent weeks has caused widespread concern as vendors and food and beverage companies began stockpiling their inventories.

On Tuesday, Minister of Supply and Internal Trade Ali Moselhi stated that Egypt’s strategic sugar reserves could cover local consumption needs for almost eight months.

Recently, Prime Minister Mostafa Madbouly has called for regular reports on sugar prices in the markets until they become stable at EGP 27 per kilogram.

Egypt produces around 2.7 million tons of sugar every year through 300,000 feddans of sugar cane and 650,000 feddans of sugar beets, according to data from the Egyptian National Agriculture Library. 

The annual local demand stands at 3.5 million.