An Egyptian government official revealed to Al-Sharq that his country does not currently need to buy new shipments of wheat amid the rise in global prices, adding that the level of $240 will be the maximum per ton for purchases in the future.
The official's statements, who requested that his name not be published, come after the Russian Ministry of Agriculture announced on Friday that it would raise duties on wheat exports by about 41%, reaching about 1,872 rubles ($19.57) per ton as of October 16, up from 1,328.3 rubles currently.
The official confirmed that Egypt, the largest wheat buyer in the world, “will only import wheat at an average price of less than $240 per ton.”
The most populous Arab country buys up to 12 million tons annually for the government and private sectors from abroad. Cairo increased its wheat imports during the first nine months of the year by about 30% to reach 10.8 million tons, compared to 8.3 million tons in the same period last year.
Egypt currently has a large strategic reserve of wheat, sufficient to cover local consumption for up to 5.2 months. The official explained to Al-Sharq: “We do not need to import at the present time, due to the rise in global prices by about 10 dollars above the average prices at which we buy,” considering that “the decision “The Russian impact will be limited, at only one dollar per ton.”
Russia ranked first in the list of countries exporting wheat to Egypt during the period from January to September, with 72% of total imports, and quantities slightly exceeding 8 million tons, followed by Ukraine with 1.5 million tons, then Romania with quantities amounting to about 837 thousand tons, and Bulgaria 296 tons. One thousand tons, and France 179 thousand tons, according to data published by Al-Sharq earlier this month.
Egypt recently opened the possibility of importing wheat “by direct order,” in parallel with traditional purchasing through tenders, as part of efforts to secure the country’s grain needs at competitive prices in light of the escalation of geopolitical unrest. But the official stated that his country “has not yet contracted for any shipment by direct order.”
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