Egypt diversifies wheat imports amid Black Sea disruptions
Egypt is diversifying wheat imports toward France, Bulgaria and Romania amid disruptions from Russia and Ukraine. A 50,000-tonne French shipment is underway, while strategic reserves cover over six months, allowing Cairo to make purchases gradually and manage price risks.
Egypt is stepping up the diversification of its wheat imports and increasing purchases from European suppliers amid disruptions to shipments from Ukraine and Russia, Supply Minister Sherif Farouk said.
Cairo is expanding cooperation with France, Bulgaria and Romania. A 50 thsd ton cargo of French wheat is already on its way to Egypt, while further shipments from France are expected to continue.
Egyptian authorities are also considering additional wheat purchases as a hedge against another potential rise in global prices. The Supply Ministry is discussing the issue with the state grain buyer, the Future of Egypt Authority, and the Finance Ministry.
According to the minister, Egypt currently holds strategic wheat reserves sufficient for more than six months of consumption. This gives the country flexibility to make purchases gradually and wait for more favorable conditions on the global market.
Egypt remains one of the world’s largest wheat importers, and shifting part of its purchases toward France, Romania and Bulgaria could intensify competition for European grain and reshape traditional trade flows in the Mediterranean and Black Sea regions.
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Source : UkrAgroConsult
