Egypt wheat stocks fall; enough for 89 days
Cairo, March 13, 2013
Strategic stocks of wheat held by top global importer Egypt stand at 2.207 million tonnes from international and local markets, enough to last 89 days, a cabinet report said on Wednesday.
That compares with stocks of 2.292 million tonnes, or 95 days cover, reported on February 27.
Egypt's wheat imports are sharply down this year as the country struggles through a political and economic crisis.
"The total strategic stocks of local and imported wheat have reached 2.207 million tonnes, enough for 89 days until June 9, 2013," a report by the cabinet said.
The Egyptian pound has fallen more than 8 percent since the end of last year, pushing up the cost of imports of wheat paid for in dollars. Foreign currency reserves are at critically low levels and the crisis has made it harder for Egypt to arrange payments.
Egypt bought around 235,000 tonnes of wheat on the international market between Jan 1 and Feb 20, roughly a third of what it purchased in the same period a year ago.
Egypt normally buys strategically to ensure that it has wheat stocks equal to at least six months' consumption in its silos. The North African country relies heavily on imports to feed its 84 million people; half of the wheat they consume is imported.
Meanwhile, Egypt expects to produce more than 9 million tonnes of wheat this year, a cabinet report said.
The report quoted Agriculture Minister Salah Abdel Momen as saying that he expects a "a rise in this year's wheat harvest, which will be more than 9 million tonnes."
Egypt produced 8.69 million tonnes of wheat in the summer 2012, according to the United Nations' Food and Agriculture Organisation. - Reuters
More Miscellaneous Stories
- Death penalty sought for Bahrain terrorists
- Girl, 9, dies after fall from 8th floor in Abu Dhabi
- Lebanese café brand opens Dubai outlet
- Bahrain poultry firm told to step up safety
- Customer dies in Bahrain cafe brawl
- Bahraini boys hurt while planting bombs
- Philips, Ericsson launch LED street lighting
- DuBiotech to set up first Halal safety lab
- Jotun to supply coatings for Makkah Station
- Raytheon wins $655m Kuwait Patriot deal
- Alwaleed Foundation lights up 3 Saudi villages
- Poultry farms strike may trigger shortages in Bahrain
- Oman seals Victoria food security pact
- Saudi woman, 80, donates $133m to charity
- New Saudi clamp on energy drinks
- Outrage follows Bahrain killer bomb
- Improvised explosive device used in Bahrain attack
- 3 policemen killed in Bahrain blast
- Dammam-Al Ahsa train service starts
- Egypt wheat supplies enough to last until June
- Expat killed at Saudi workers' holding facility
- 80 global speakers for Doha summit on family
- Restaurant runs up $47,555 phone bill in 4 days
- NZ minister to visit Gulf states
- Public-private tie-ups ‘vital for agri growth’
- China firm wins solar power project in Amman
- 15,000 attend Bahrain garden show
- Omani firms shine at top food expo
- Bahrain to set up national food company
- Dozens hurt in gas leak at plant near Doha