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CAIRO - 13 April 2017: Egypt’s Trade and Industry Ministry decided to impose a sugar export tariff worth EGP3,000 ($165.47) per ton, the state official gazette reported Thursday.
“The export tariff will take effect starting Friday, April 14,” Trade Minister Tarek Kabil stated in the decree published in the gazette.
Sugar prices soared from EGP 4.5 to EGP 12 during the past few months. The government had to remove a tariff on raw sugar imports in March, as traders’ complaints caused a sharp shortfall that triggered the price hike.
“The decision is aimed to avoid any sugar shortages in the domestic market by curbing exports,” General Secretary of Federation of Egyptian Chambers of Commerce Alaa Ezz told Egypt Today.
“Accelerating the licensing and land allocations for beet plants would put an end to the sugar crisis,” Ezz said. By expending in cane and beet cultivation, there would be a surplus over the coming months, he added.
Egypt produces around 2.4 million tons of sugar annually, while annual consumption averages 3.1 million tons. The gap is filled by private and public imports.
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