Egypt releases 211k tons of corn, soya beans worth $99 mln over a week: Minister

Ahram Online , Tuesday 2 May 2023

Egypt's Ministry of Agriculture announced the release of 211,000 tons of corn and soya beans from the country's ports with a value of around $99 million (EGP 3,058,258,500) between 19 and 27 April, according to a statement on Tuesday.

Minister of Agriculture and Land Reclamation El-Sayed El-Quseir

The released amount includes 163,000 tons of corn with a value of about $59 million (EGP 1,822,710,600) and 48,000 tons of soya beans that total around $36 million (EGP 1,112,454,000), the Egyptian Agriculture Minister El-Sayed El-Quseir revealed.

El-Quseir added that about $4 million (EGP 123,606,000) worth of fodder additives was also released.

Between 16 October 2022 and 27 April, Egypt released 4.2 million tons of poultry fodder, including 3.1 million tons of corn and 1.1 million tons of soya beans and fodder additives, with a total value of $2.2 billion (EGP 67,980,660,000), the minister stated.

The release of fodder is being coordinated by the Ministry of Agriculture and the Central Bank of Egypt in order to reduce production costs in the country’s poultry industry.

The industry has been negatively affected by foreign currency shortages and the devaluation of the Egyptian pound, which caused crucial inputs like fodder to accumulate in ports.

On 24 April, the Minister of Finance Mohamed Maait announced that Egypt has released $23 billion (EGP 710,725,300,000) worth of imported goods, merchandise, and products from the country’s ports and customs.