RIYADH: Egypt has announced that it has imposed a three-month export ban on green wheat, cooking oil, and corn, local newspaper Ahram reported, citing the Minister of Trade and Industry Nevine Gamea.
This comes as the African country attempts to secure citizens’ need for basic commodities as the month of Ramadan approaches amid concerns over global supply issues exacerbated by the Russia-Ukraine conflict.
Ramadan usually sees the rate of consumption of food products steadily rise in the country.
Globally there has been an increase in the price of oil and non-oil commodities as a result of the military conflicts between Russia and Ukraine, both key exporters of wheat and some types of cooking oil.
Egypt imports 80 percent of its wheat from Russia.
Wheat costs in Egypt have risen by a modest 17 percent because of the war as compared to other international markets that witnessed a 48-percent surge in wheat costs.
Egypt has a sufficient amount of wheat to last until the end of 2022, Ahram reported, citing Prime Minister Mostafa Madbouly.
The country is seeking alternative supply sources and already has its eye on around 14 markets including the US, Argentina, Canada, and Paraguay.
