Egypt’s Strategic Wheat Reserves Sufficient for 6 Months, Minister Says

On Monday, Egyptian Minister of Supply Aly Moselhy said that the country's strategic wheat reserves are sufficient for 6 months.

 

In press statements, the ministry added that the country’s strategic reserves for sugar are sufficient for 7.7 months, while those of vegetable oils are enough for 6.1 months.

 

The government is trying to enhance Egypt's reserves through buying harvests from exporting countries as well as upping domestic production.

Egypt bought 2.6 million tonnes of locally-grown wheat in 2011, up from 2.1 million the year before.

Egypt is the world's largest importer of wheat, importing half its needs.

Last October, the government said it had raised the price it pays local farmers for their wheat to LE 380 ($63.60) per ardeb (140 kg), up from LE 350, to give them an incentive.

Egypt consumed 18.9 million tonnes of wheat in 2011/12, up from 17.7 million tonnes the previous year, according to predictions from the US Department of Agriculture.