{"id":607431,"date":"2023-10-03T00:00:00","date_gmt":"2023-10-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/were-temporarily-halting-the-sale-of-sugar-to-traders-as-prices-soar\/"},"modified":"2023-10-03T00:00:00","modified_gmt":"2023-10-03T00:00:00","slug":"were-temporarily-halting-the-sale-of-sugar-to-traders-as-prices-soar","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/were-temporarily-halting-the-sale-of-sugar-to-traders-as-prices-soar\/","title":{"rendered":"We\u2019re (temporarily) halting the sale of sugar to traders as prices soar"},"content":{"rendered":"

Sugar traders are no longer taking their ahwa ziyada: <\/strong> The Madbouly government will meet with sugar packing companies and traders later today to negotiate new terms and requirements for trading of the commodity, an official at the Supply Ministry told us yesterday. The official was speaking after the government imposed a temporary ban on sales of sugar to traders by both private and state-owned companies. <\/p>\n

Wait, what ban? <\/strong>The temporary edict was handed down as officials looked to tamp down soaring sugar prices, Asharq Business<\/a> reported yesterday, saying a source with knowledge of the decision had told it that companies had been told \u201cnot to sell to traders until prices stabilized.\u201d<\/p>\n

The Supply Ministry source tells us the government believes the ban will be temporary <\/strong>\u201cuntil new terms are set\u201d and that prices should come down once an agreement is reached.<\/p>\n

The rationale: Cracking down on hoarding. <\/strong> The move is designed to prevent traders from hoarding supplies ahead of the anticipated currency devaluation and driving prices upwards, the source said.<\/p>\n

Sugar prices are soaring: <\/strong> \u200bThe price of non-subsidized sugar has surged in the recent months on the back of a series of currency devaluations, which has triggered record inflation<\/a> across the economy. Sugar is trading at as much as EGP 40 a kilo<\/a>, double the price subsidized by the government.<\/p>\n

It\u2019s not just local factors driving prices higher: <\/strong> Sugar prices are spiking in sugar importers across North and Sub-Saharan Africa due to weak harvests in key producers, according to Bloomberg<\/a>.<\/p>\n

There\u2019s a carveout for some companies: <\/strong> The government is allowing sales to companies that depend on sugar in their production of goods, according to three company leaders who spoke to Asharq on the matter.<\/p>\n

Export ban extended: <\/strong>The Trade Ministry last week extended its ban on sugar exports<\/a> until the end of the year in a bid to curb inflation. Exports have been banned since March.<\/p>\n

The gov\u2019t has also been stocking up its sugar reserves: <\/strong> The General Authority for Supply Commodities (GASC) announced the arrival of 100k tons of raw sugar<\/a> from Brazil on Monday, with another 50k tons expected to arrive<\/a> within the month. Meanwhile, the Supply Ministry said on Wednesday that it\u2019s working towards importing another 200k tons of raw sugar<\/a> in the coming months to maintain at least six months worth of supply in reserve.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ban aims to prevent sellers from hoarding supplies in anticipation of a coming devaluation<\/p>\n","protected":false},"author":1,"featured_media":607432,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,72,565,550,8258,777],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-food-security","tag-gasc","tag-sugar","tag-supply-ministry","wpautop","entry"],"acf":{"mongo_id":"5f714182-db6b-4d89-a164-7abfd4781572","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/182.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt is halting the sale of sugar to traders to curb soaring prices","related_issue":[607419],"teaser":"The ban aims to prevent sellers from hoarding supplies in anticipation of a coming devaluation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.ec312010-fe70-469f-b9dc-4d4d80890739.mp3"},"yoast_head":"\nWe\u2019re (temporarily) halting the sale of sugar to traders as prices soar - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/were-temporarily-halting-the-sale-of-sugar-to-traders-as-prices-soar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re (temporarily) halting the sale of sugar to traders as prices soar\" \/>\n<meta property=\"og:description\" content=\"The ban aims to 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This rate of consumption will undoubtedly help ensure sufficient supplies of sugar, oil, and other food staples to meet Ramadan demand, they added.\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647549,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/14\/sugar-prices-reduced-for-regular-commercial-industrial-use\/","url_meta":{"origin":607431,"position":3},"title":"Sugar prices reduced for regular, commercial, industrial use","author":"enterpriseam admin","date":"14 May 2017","format":false,"excerpt":"Sugar traders and manufacturers reached an agreement to reduce the price of sugar sold to regular consumers to EGP 10 per kg from EGP 10.50 per kg, effective immediately, Supply Minister Ali El Moselhy announced yesterday, Al Borsa reports. The decision also reduces the price of sugar sold to traders\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649683,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/06\/supply-minister-sets-price-of-sugar-at-egp-10-5-kg\/","url_meta":{"origin":607431,"position":4},"title":"Supply Minister sets price of sugar at EGP 10.5\/kg","author":"enterpriseam admin","date":"6 March 2017","format":false,"excerpt":"Supply Minister Ali El Moselhy reduced the price of sugar to EGP 10.5 per kg for regular consumers, and is forcing manufacturers to print the price on the packaging to crack down on multiple prices in the market, Al Borsa reports. The decision also sets the price of sugar sold\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578186,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/a-new-task-force-will-suggest-fair-prices-for-up-to-15-strategic-commodities\/","url_meta":{"origin":607431,"position":5},"title":"A new task force will suggest fair prices for up to 15 strategic commodities","author":"enterpriseam admin","date":"19 December 2022","format":false,"excerpt":"The Supply Ministry has set up a committee to determine the \u201cfair price\u201d of a number of foods classed as strategic commodities amid soaring inflation. Representatives from the Consumer Protection Agency, the Federation of Egyptian Industries, and the Federation of Egyptian Chambers of Commerce will decide prices for between 10\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/384.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607431"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607431\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607432"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607431"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607431"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}