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Sunday, 17 April 2022

Egypt adds India to its what suppliers list — and Pakistan, Mexico could follow

We can now source wheat from India: The Agriculture Ministry on Thursday added India as a new wheat import origin ahead of a possible purchase, it said in a statement, after a ministry delegation to the country wrapped up its inspections.

Egypt is also in talks with Pakistan and Mexico to import wheat, Ahmed Al Attar, head of the Agriculture Ministry's Quarantine Authority, was quoted as saying by Al Mal. The government has also held talks with Argentina and the US and sourced wheat from France in last week’s tender.

The government has been working on diversifying wheat imports amid a squeeze on prices in recent months and has stepped up its efforts since Russia’s war in Ukraine sent prices soaring yet higher and cut off Ukrainian shipments. We usually source north of 80% of our imported grain from the two Black Sea countries.

The diversification drive comes as the state grains purchaser concluded last week its first successful wheat tender since Russia invaded Ukraine. GASC purchased 350k tons of wheat from France, Russia, and Bulgaria at an average price of USD 490 per ton, accounting for freight — the highest in nearly six years. The limited tender for European suppliers — which marked GASC’s first limited bid round in years — came after the authority called off two tenders at the war’s outset in February.

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