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Monday, 14 September 2020

Egypt imports 6.6 mn tonnes of wheat in 2020, GASC acquires 51% of imported wheat

State grain buyer GASC and private sector firms imported a combined 6.6 mn tonnes of wheat so far this year, the local press reports. The news comes after the government looked to shore up its strategic reserves in the wake of threats to the global market from covid-19. GASC accounted for more than 50% of these imports, while some 30 private sector companies imported the remainder. Russia supplied the lion’s share of our imports throughout the first eight months of the year. Other major source markets include Ukraine, France, Romania, Australia, Bulgaria, Canada, and Hungary.

Background: Egypt has been stockpiling wheat in response to the ongoing covid-19 pandemic, and has issued several international tenders during the local harvest season. Supply Minister Ali El Moselhy said earlier this year that Egypt was looking to secure 800k tonnes of imported wheat — a target that was reached in June. The pandemic-fueled scramble to acquire wheat is expected to slightly abate in MY2020-2021, compared to MY2019-2020.

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