sugar spoon - Creative Commons via pixabay
CAIRO – 7 March 2017: Egyptian Prime Minister Sherif Ismail decided to exempt raw sugar imports from customs tariffs from Jan. 1 to Dec. 31, 2017, the cabinet said in a Monday statement.
In a statement to MENA, Ismail said the purpose of the decision is to maintain the price of sugar and supply raw sugar as Egypt’s local consumption of sugar reaches 3.2 million tons while its production volume reaches 2.2 million tons, which means about a million tons of sugar need to be imported.
According to the Central Agency for Public Mobilization and Statistics (CAPMAS), imports of sugar increased 7,535 percent year-on-year in December 2016.
Minister of Supply and Internal Trade Ali El-Meselhy announced Friday that the price of unsubsidized sugar will be decreased to 10.50 EGP per kilogram, a step that aims to end the disparity in prices of sugar that appeared after the crisis.
Egypt has been suffering a shortage in supplies of sugar since September 2016 due to the foreign currency crisis and the country’s decision to float its currency in November.