Egypt's Sugar Prices to Drop to US$648 Per Ton by October
Egypt's sugar prices are set to decrease to US$648 per ton in the coming months, following a recent surge. The country currently holds sufficient reserves to meet local demand until October.
In March 2023, sugar prices in Egypt reached US$736 per ton, marking a $10 increase from February. However, a representative from the Federation of Egypt Chambers of Commerce has reported that the current sugar reserves stand at approximately 1.8 million tons, including its subsidized supply. This amount is expected to last until October, ensuring local consumption needs are met.
The upcoming drop in prices is a relief for consumers, as Egypt's annual sugar consumption is a significant 3 million tons. Securing local sugar needs helps to reduce imports, especially amidst soaring global prices.
Egypt's sugar prices are projected to decrease to US$648 per ton in the near future. With current reserves standing at 1.8 million tons, the country is well-equipped to meet local consumption demands until October.
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