Egypt expects 2.6 million tons of beet and cane sugar from this year's harvest and aims to reduce imports to less than last year's 800,000 tonnes, agriculture ministry spokesman Hamed Abdel-Dayem told Reuters.
Egypt last year faced a severe sugar shortage that led to public outrage and the government seizing stocks, confiscating supplies from businesses it accused of hoarding as prices shot up.
The government expects 1.1 million tons of sugar cane and 1.5 million tons of sugar beet to be produced by farmers this year, Abdel-Dayem said.
Egypt typically consumes 3 million tons of sugar a year but produces a little more than 2 million tons, with the gap filled by government and private imports, usually purchased between July and October.
The government will buy local sugarcane from farmers for 600 Egyptian pounds ($33.44) a ton and will pay 450 pounds a ton for beet, Abdel-Dayem said. ($1 = 17.9400 Egyptian pounds)
Source: www.nasdaq.com