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Thursday, 19 May 2016

Government imposes fee on sugar exports, boosts rice imports ahead of Ramadan

The usual pre-Ramadan commodities push is on, with government officials scrambling to ensure that staples including oil, rice and sugar are available and affordable in the run-up to the consumptionfest that is the Holy Month. Among the latest measures: the Official Gazette reports the Trade and Industry ministry is levying a EGP 900 export fee on every tonne of  sugar effective May 18 through 31 December 2016. Meanwhile, officials are have reportedly signed contracts for the import of 60k tons of Asian rice at a price of USD 350-360 per ton, sources tell Al Mal. The rice is expected to be in markets within 20-25 days at a cost of EGP 4 per kg, according to the sources. The state is looking to import up to 80k tons of rice in total after shortages saw prices spike to EGP 10 per kg in some areas. (No link for the Official Gazette entry, as it’s an email-only PDF to which Enterprise subscribes.)

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