Egypt says strategic stock of wheat safe despite Russian export ban

13:43, August 09, 2010      

Email | Print | Subscribe | Comments | Forum 

Egypt said on Sunday that its strategic stock of wheat is safe and covers four-month needs despite a Russian export ban.

Following a meeting with senior officials to discuss the impact of Russia's decision to ban grain exports, Egyptian Minister of Trade and Industry Rashid Mohamed Rashid said there is nothing to worry about after the Russian ban as there are other wheat markets in many other countries including the United States, Australia and Argentina.

The meeting has also tackled the legal situation regarding previously-signed contracts with Russia in this respect, state-run MENA news agency reported.

Russian Prime Minister Vladimir Putin announced Thursday that his country would impose a temporary ban on grain exports due to hot weather and drought, driving the benchmark wheat futures to a 23-month high in global markets.

Egypt is the world's largest wheat importer. Egypt's General Authority for Supply Commodities (GASC) currently purchases an average of 8 million tons of wheat annually for the production of subsidized bread.

An average of two to three million tons are purchased from domestic market while five to six million are imported from abroad, a statement by the Ministry of Trade and Industry said.

Egyptian Minister of Social Solidarity Ali el-Mesilhi also said Saturday that Egypt had diverse sources for wheat, predicting that the surprise surge in global wheat prices would not lead to an increase in the prices of heavily subsidised bread in Egypt.

Rashid met with the Russian charge d'affaires in Cairo and handed him a message to the Russian minister of trade on amending the contracts signed by GASC and Russian companies ahead of the exportation ban.

In the fiscal year 2009-2010, which ended in June, Russia was the biggest wheat exporter to Egypt with a 59 percent share of the latter's imports. France ranked the second with 27 percent and the United States the third with seven percent. The rest are purchased from other trade partners.

Source: Xinhua

(Editor:燕勐)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion