Egypt plans to reduce its wheat imports in light of a recent 46-percent spike in global wheat prices, the Trade and Industry Ministry has announced.
Egypt, the world's largest wheat importer, currently has strategic wheat reserves sufficient to cover five months, according to the ministry. “This means we can wait until prices come back down,” said ministry adviser Hisham Ragab.
Ragab went on to explain that Egypt imported its wheat from two primary sources, namely Russia–where this year's harvest is suffering from a nine-million-ton shortfall–and the US.
Russian Prime Minister Vladimir Putin recently announced a ban on all wheat exports as a result of the shortfall, which was reportedly caused by an outbreak of brush fires.
In a possible reaction to the price hikes on the Egyptian market, retail flour prices have risen by 30 percent.
Translated from the Arabic Edition.
