Egypt's GASC Purchases 350,000 Tonns of European Wheat

On Wednesday, the General Authority for Supply Commodities (GASC) said that it has signed contracts to import 350,000 tons of wheat from European countries.

The GASC said the move comes as part of the Ministry of Supply and Internal Trade's strategy to increase its strategic reserves of basic commodities.

The ministry aims to procure nearly 6 million tons of wheat this harvest season.

The GASC’s announcement comes a few weeks after India announced it was in final talks to start exporting wheat to Egypt.

Over the past two weeks, the Russian-Ukrainian war has led to a disruption in wheat exports from eastern Europe and remarkable global inflation. Russia and Ukraine together account for nearly 30 percent of the world’s wheat exports.

Egypt, the world’s largest wheat importer, relies on wheat to produce bread — a key staple for Egyptians — with 80 percent of its wheat imported from Russia and Ukraine.

Egypt imports 12 to 13 million tonnes of wheat per year, according to the Observatory of Economic Complexity (OEC) in 2020 — an online data visualization platform focused on the geography and dynamics of economic activities across the globe.

Egypt is currently seeking to persify its wheat imports, setting its eyes on 14 alternative markets, including non-European countries like the US, Argentina, Canada, and Paraguay.