Egypt: Wheat Reserves Will Last for another 5-7 Months
According to yesterday’s report of Mamdouh Abdel Fattah , head of state-owned Egyptian company- GASC, country’s wheat reserves will last for another 5 months; yet, once the local harvest season ends (started in April)- for 7 months.
According to yesterday’s report of Mamdouh Abdel Fattah , head of state-owned Egyptian company- GASC, country’s wheat reserves will last for another 5 months; yet, once the local harvest season ends (started in April)- for 7 months.
As of May 29, there is 3.2 million tons of wheat accumulated in Egypt (as of May 9 it was 996 thousand tons).
The government hopes to partly make up for the shortfall in imports by purchasing local crop. In October 2012, based on the fiscal year results GASC said it would import 4.8 million tonnes of wheat, but only 3.375 million tons of wheat was actually bought.
The country’s authorities plan to buy 4.5 million tons of wheat on the domestic market. Traders, however, say the target is unrealistic since even in the good times purchases did not exceed 3.7 million tons.