The price of sugar in Egypt jumped by around 26% in a month to reach EGP 24,000 per ton, compared to EGP 19,000 at the beginning of July, Hassan Al-Fendi, head of the Sugar Division at the Federation of Egyptian Industries (FEI), told Asharq Business on July 31st.
Egypt produces about 2.8 million tons of sugar annually, while domestic consumption exceeds 3.2 million tons, representing a gap between consumption and production.
Moreover, Ministry of Supply Ali Moselhi revealed that the General Authority for Supply Commodities (GASC) agreed to import 150,000 tons of raw sugar from Brazil, which will be received next September and October.
Egypt’s strategic reserve of sugar is sufficient until February 2024, he added.
Sugar producers are currently negotiating contracts for the 2023/2024 harvest season, which begins in October.