In an official statement released on Tuesday, the Cabinet announced that an initiative to tackle this problem is being designed, with all the specific details set to be unveiled next week
The data revealed that the Arab countries imported 1.730 million tons, at a value of $938 million, representing 41% in quantity and 38% in value.
Since the outbreak of the Russian-Ukrainian crisis, about 1.8 million tons of wheat of various origins have been imported.
Arabi lauded the swift measures taken by the government to control prices amid the current global fluctuations in goods' prices.
The prime minister stressed the importance of coordinating among all ministries and official bodies concerned to provide the local market with all its needs of essential commodities at affordable prices.
The RSPA said in a statement Friday that the volume of exports reached 371 tons of goods, 202 trucks and eight cars.
The statement asserted that most of the commodities, especially food commodities, will remain stable.
The Ministry of Supply said that the news is void of truth, the center said in a statement on Tuesday.
The Ministry has adopted a strategic plan to develop the holding company's stores, which number up to 1,500 stores, as part of the digital transformation system that allows monitoring the movement of commodity circulation to and from those stores.
In a press release, he added that this comes as commodities are available in stores, ports, also were shipped during the past period or other shipments expected to arrive in the upcoming period.
El-Said clarified in a statement that there is a strategic stockpile of goods available.
Soya bean exports topped the list of the 20 most exported commodities, followed by sugarcane, fresh fruits and cheese, the report added.
Egypt announced establishing its first commodity exchange company as part of the country’s plan to develop its internal trade, as the commodities exchange will provide protection to small farmers and producers.
The meeting was attended by Minster of Trade and Industry Nevin Gamea and head of the Federation for Egyptian Industries (FEI) Mohamed el Sewedi.
This comes as part of the agreement worth $3 billion signed in January 2018 between the Ministry of Investment and the International Islamic Trade Finance Corporation.
In a report, the center said that it contacted the Ministry of Supply which denied the reports.
“We believe trade growth next year will slow significantly on huge uncertainty and high base,” Citi analysts wrote in a note, predicting China’s exports and imports to fall 5.1 percent and 6.8 percent respectively this year.
On a monthly basis, inflation increased 1 percent in March to record 269.8 points.
On a monthly basis, inflation increased 0.3 percent in February to record 267 points, compared to 266.3 points in January.
Exports rose 23 percent, reaching $2.47 billion in December 2017, compared to $2.01 billion in the same month of the previous year.