Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Around 5.5m tonnes of wheat to be imported in October
Published in Daily News Egypt on 31 - 08 - 2013

Egypt is planning to purchase wheat imports of 5mn to 5.5mn tonnes in October, with the aim of diversifying its global wheat sources, Supplies Minister Mohamed Abu Shadi told state-run news agency MENA.
"The ministry, through the General Authority for Supply Commodities, targets 5-5.5m tonnes of wheat in the fiscal year 2013-2014 and that is to provide Egypt's needs for subsidised bread," Abu Shadi told MENA.
Hesham Abu El-Dahab, a former member in the chamber of grains industry, said the tender deal this time "will be different" as the government plans to diversify its wheat sources.
"The government is now seeking to diversify its wheat sources by considering other countries that can send quality wheat shipments at the best prices," he said.
"The amount of wheat inventories Egypt has remaining is sufficient until the end of this year, but the government is planning ahead and thus taking decisions to import wheat for next year," he added.
Abu El-Dahab could not confirm the exact or expected amounts to be imported, but stated that the state's grain buyer, the General Authority for Supply Commodities (GASC), will be announcing the tender partners and shipment details in few days.
On 30 August, the GASC stated on its official website that its Vice President Mamdouh Abdel Fattah is seeking wheat cargoes from the US, Canada, Australia, France, Germany, Russia, Romania and Ukraine.
The latest wheat tender deal was announced 18 July and was finalized 28 August when Abu Shadi, who was appointed following President Mohamed Morsi's ouster, decided to resume wheat shipments after they were halted this February.
Since July, the government had bought about 300,000 tonnes of wheat from Russia, Ukraine and Romania, which was the first deal made since February.
In February, the ministry of supplies, headed by former Supplies Minister Bassem Auda, decided to rely on the country's domestic harvest instead of importing wheat, claiming self-sufficiency.
However, analysts stated that the government's lack of foreign reserves forced Egypt, one of the world's largest wheat importers, to cut back on purchases of the grain and rely on the domestic harvest.
Since the January 25th Revolution, foreign currency reserves hit an all-time low, reaching $13.5bn this February, compared to $36bn on the eve of the revolution.
According to Naguib Metwally, the chairman of the South Cairo Mills, stated the previous regime suspended wheat imports and announced that Egypt was approaching self-sufficiency, in a self-serving public relations effort that put the country in a dilemma.
"The country consumes around 750,000 tons of wheat per month, and the government will now be issuing more tenders to import wheat to cover the demand of subsidized bread," Metwally said.
An economic committee member at the Freedom and Justice Party stated that wheat imports had decreased from 10m tonnes to 6.6m tonnes prior to Morsi's ouster.
However, the decision to resume imports was further encouraged when Finance Minister Ahmed Galal announced that the $12bn in Gulf aid pledged to Egypt following Morsi's ouster on 3 July, will be earmarked towards the state's budget deficit and bolstering foreign reserves.
Galal said $9bn will go towards boosting the foreign currency reserves, which will help the country to import wheat again.
The former government of Morsi was sharply criticised in conflicting reports regarding the specific wheat inventories available. Abu Shadi told Reuters that Morsi's government made "incorrect calculations" regarding wheat inventories.
Egypt is the world's largest wheat importer, which usually purchases around 10mn tonnes of wheat per year from international markets and uses a mixture of domestic and imported wheat for its subsidised bread programme.


Clic here to read the story from its source.