Egyptian sugar crisis worsens
The ongoing sugar crisis in Egypt has recently taken a turn for the worse, as the cost per kilogram of sugar is expected to jump from the present 130 kirsches to 200 kirsches ($0.30-$.47) in the near future. The government has laid blame for the crisis on major refined sugar importers, who overcharge for sugar in their estimations, reported Al-Hayatdaily.
Sugar importers justify the price hikes, as they claim that costs for importing have also risen sharply in recent times. Egypt continues to import the majority of is sugar needs; industry specialists predict that a total of 500,000 tons of sugar will be imported by the end of the current year.
Local sugar production, on the other hand, is expected to reach 1.5 million tons in 2001. Monthly production is projected at approximately 150,000-175,000 tons. This amount, however, can satisfy only 75 percent of the Egypt’s sugar demand. Domestic consumption of sugar exceeds 1.75 million tons a year.
Recently, Egypt’s ministry of supply and internal trade purchased 200,000 tons of raw Caribbean sugar at the cost of nine million dollars. — (MENA Report)
© 2001 Mena Report (www.menareport.com)