September 10, 2020
Middle East Monitor | https://bit.ly/2GvqYyI
The Egyptian government on Tuesday extended its ban on white and raw sugar imports for another three months, a decision aimed at protecting national industries from fluctuations in the international markets.
The Ministry of Trade and Industry said in a press statement that sugar imports needed for the manufacturing of pharmaceutical goods are exempt from the ban but will require prior approval from the Ministry of Health and Population.
International prices of sugar have been fluctuating recently due to the plunge in oil prices, which caused the price of raw sugar to drop.
“These fluctuations mean that sugar can be imported at prices below its production cost inside Egypt, which could cause severe harm to the local industry.
The ministry’s decision allows the local industry to sell an accumulated stock of 1.4 million tonnes of sugar, which is sufficient for consumption for a period exceeding six months, according to the statement.
Egypt banned the import of sugar for three months In June after international prices dropped by 30 per cent.