Egypt makes largest wheat purchase in 10 years

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Egypt makes largest wheat purchase in 10 years
Egypt makes largest wheat purchase in 10 years

Egypt makes largest wheat purchase in 10 years

In June 2022, the General Authority for Supply Commodities (GASC) in Egypt purchased 815,000 metric tons (MT) of wheat in a tender from four countries – France, Romania, Russia, and Bulgaria.

This purchase is Egypt’s largest single purchase of wheat since 2012. The past couple of months have seen Egypt working to diversify its source of wheat import. Either through tenders or contracts.

FOOD INSECURITY

Egypt is one of the biggest importers of wheat. But due to the Russian-Ukraine war, they have had to stray from buying from the Black Sea. As expected, the most vulnerable and poorest of the population in Egypt are those that are greatly affected. They are unable to have access to affordable and safe food.

The continuous food insecurity has led to unrest among the citizens as well as the rising inflation and depreciation of the Egyptian pound.

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Although Russia is at war with Ukraine, they have remained the world’s largest exporter of wheat and have reached a high record of 42.6 million tonnes between June and July.

There are many in Egypt that still rely on the subsidized bread given to some of the population in Egypt. The statistics agency in Egypt reveals that 32.5% of the population lives below the income poverty line. 21.4% of children between 6 and 59 months suffer from chronic malnutrition.

The country has been able to raise $3.9 million tonnes of wheat locally and its intention is to increase its dependence on domestic production as it faces higher import costs. Egypt’s economy has shown great strengths in the face of price shocks through its smart monetary policies, diversification of wheat origins, and engagement in constructive financing cooperation with the financial assistance of major international institutions in the import of wheat.

Egypt’s supply minister, Aly Moselhy after the large purchase said the country is looking forward to purchasing 180,000 tonnes of wheat from India as it looks for ways to reduce imports.

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Currently, the country is finding ways to get more flour from the grain, this will put the extraction rate of flour from 82% to 87.5%.

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