Egypt’s Ministry of Trade and Industry has set the price of sugar at LE3.75 (68 US cents) per kilogramme, a government official told the local media yesterday.
“Egypt has enough strategic reserves of sugar to meet domestic consumption needs for the coming two months,” Hassan Kamel, the chairman of the Sugar and Complementary Industries’ Company, was quoted by Al-Messa daily newspaper yesterday as saying.
“The quantity of tonnes of sugar already in the country can meet Egypt’s needs to January, Kamel added.
Earlier last month, Egypt exempted raw and refined sugar imports from duties, which had started August 15, until the end of December to control prices in the local market.World sugar prices, which have doubled this year, will decline, driven by supply response from producing nations, according to the Australian industry group Canegrowers.
Sugar fell three per cent after countries such as India, Egypt and Mexico curbed purchases and investors sold futures to cash in on the rally, Bloomberg stated.
The global price of sugar has gained 94 per cent this year as adverse weather hampered harvests in both Brazil and India, the world’s largest producers, threatening to extend a global-production deficit into next year.