Egypt withdraws 240,000 tons from sugar reserves amid volatile prices

Updated 12/12/2023 7:14:00 AM
Egypt withdraws 240,000 tons from sugar reserves amid volatile prices

Arab Finance: The Egyptian government has withdrawn 240,000 tons of sugar from its strategic reserves to be distributed in the market this month as an attempt to control the fluctuating prices of sugar, a government official told Asharq Business.

The country’s sugar reserve was sufficient for 5.5 months before withdrawing this quantity, the official said, estimating the country’s monthly demand for sugar at around 65,000 tons for ration cards and 180,000 tons for sugar distributed in the market.

He pointed out that Egypt received 86,000 tons of imported white sugar from Brazil on December 8th, noting that it would receive another 100,000 tons to boost the sugar reserves.

 

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