News

End of Sugar ‘Crisis’? Egypt Cancels Import Tariffs on Sugar to Boost Supplies

End of Sugar ‘Crisis’? Egypt Cancels Import Tariffs on Sugar to Boost Supplies

pablo-sugar

Egypt’s Ministry of Supply announced on Friday that it has taken steps to cancel tariffs on imported sugar in an attempt to boost supplies and lower the price of subsidized sugar.

The tariffs on imported refined sugar were increased in February 2016 to 20 percent from 10 percent. Meanwhile, raw sugar tariffs were increased also increased in the same month to 20 percent from just two percent.

It is unclear whether the Minister, who was speaking at a cabinet press conference in response to the recent floating of the Egyptian Pound, meant that all tariffs were cancelled or whether the tariff was simply rolled back to pre-February 2016 rates.

A ‘sugar crisis’ hit Egypt over the last few weeks, with the Ministry of Supply increasing the price of subsidized sugar sold through ration cards by 40 percent, reaching EGP 7 per kilogram from EGP 5. Ration cards are used by the majority of the Egyptian population to purchase subsided goods.

“The global rise in sugar prices and the decision by traders to halt imports are the reasons behind the decision to increase the price of sugar,” an Egyptian official said on Tuesday.

Egyptian authorities directed the blame towards sugar factories and distributors, accusing them of hoarding and smuggling supplies and dealt with the issue by seizing some 9,000 tons of sugar in recent raids on factories and warehouses.

Prime Minister Sherif Ismail told Egypt’s CBC channel in an interview that the raids have had a “positive impact” and sugar stocks were enough to cover the country for three months.

Egypt consumes about 3.2 million tons of sugar annually but produces just over 2 million tons leaving a gap of slightly over a million tons a year for imports.

Egypt's Karim Abdel Gawad Defeats Champions, Clinches World Squash Championship
Gas Prices Increased By Up to 47 Percent in Egypt

Subscribe to our newsletter


News

More in News

Daily News Egypt ‘Blocked’ in Egypt

Egyptian StreetsMay 28, 2017

ISIS Claims Responsibility for Egypt’s Minya Attack

Egyptian StreetsMay 27, 2017

Eiffel Tower Goes Dark as World Leaders Condemn Attack in Egypt’s Minya

Egyptian StreetsMay 27, 2017

ISIS Attempts to Erupt Sectarian Violence Between Egypt’s Muslims and Christians: Al-Sisi

Egyptian StreetsMay 26, 2017

Egypt Bombs Terrorists in Libya Following Massacre of 28 Coptic Christians in Minya

Egyptian StreetsMay 26, 2017

Egypt Identifies a 2-Year-Old as the Youngest Victim of the Minya Bus Attack

Egyptian StreetsMay 26, 2017

Daily News Egypt Confirms Technical Issue with the Website

Egyptian StreetsMay 26, 2017

28 Killed, Including Children, in Attack on Bus Carrying Coptic Christians in Egypt’s Minya

Egyptian StreetsMay 26, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.