Stabilizing EGP will lead to rebound in demand for beef

The stabilizing EGP will likely lead to a resurgence in beef consumption which had dropped significantly following the EGP float, predicts the US Department of Agriculture (USDA). Inflation following the float had cause a downward spiral in demand for beef. The devaluation coupled with the drop in tourism had made it difficult for importers, Stephen Bourke writes for Agriland. The USDA had cut its estimates of Egypt’s total imports of beef this year to 250K tonnes from 300K tonnes. It raised these again to 280K tonnes as it sees the EGP stabilizing, and with it imports. As tourism inflows continue to grow further, Egypt’s importance to livestock exporters — including from Ireland, whose cattle can now be exported to Egypt after a 12 year hiatus — will grow with it.