Egypt buys 180,000 tons of wheat from India: Aly Moselhy

Egypt has contracted to buy 180,000 tons of wheat from India, Supply Minister Aly Moselhy said on Sunday, less than previously agreed, a deal that is part of the country’s effort to diversify its wheat supply.

Egypt, one of the world’s largest wheat importers, is looking for alternatives to grain exports from the Black Sea, which is facing disruptions due to the Russian invasion of Ukraine.

Russia and Ukraine were Egypt’s main wheat suppliers.

The Ukraine crisis has also increased import costs for Egypt, which heavily subsidizes bread for its 70 million people.

Moselhy said in May Egypt had agreed to buy 500,000 tons of wheat from India but no deal had been signed.

India banned wheat exports in May due to lower domestic production, but made concessions to countries like Egypt with food security needs.

“According to the supplier, the condition was that the wheat had to be in the ports, then it would be available,” Moselhy said on Sunday.

“We had agreed on 500,000 tons, it turns out [the supplier]has 180,000 tons in port,” he said.

Moselhy added that Egypt is also in talks with Russian suppliers for a wheat offtake deal.

Egypt is also looking at ways to extract more flour from its grain, Moselhy said, by increasing the extraction percentage for flour used in subsidized bread from 82% to 87.5%.

It plans to save around 500,000 tons of imported wheat and import 5 to 5.5 million tons of wheat for fiscal year 2022/23, he added.

Current wheat reserves last 5.7 months after sourcing 3.9 million tons in the local crop, Moselhy said Sunday.

(Only the headline and image of this report may have been edited by Business Standard contributors; the rest of the content is auto-generated from a syndicated feed.)

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