Arab Finance: Egypt raised the price of local wheat procurement by 42% year-on-year (YoY) for 2023 season to hit EGP 1,250 per ardeb, up from EGP 880, Prime Minister Mostafa Madbouly announced in a press conference on January 18th.
The new price is also 25% higher than the previous EGP 1,000 set for this season.
The raise is part of President Abdel-Fattah El-Sisi's directives to provide a rewarding price for the wheat supply this season, the Prime Minister added.
Meanwhile, Minister of Supply and Internal Trade Ali Moselhy told Asharq Business on January 16th that Egypt aims to procure 4 million tons of local wheat this season which will start by mid-April.
During the same press conference, Minister of Petroleum Tarek El-Molla revealed that Egypt achieved a fresh record of oil exports last year to $18.2 billion, up from $12.9 in 2021, with a significant jump in gas exports.
In addition, Minister of Trade and Industry Ahmed Samir announced that Egyptian non-oil exports rose to $35.612 billion, an increase of 12% YoY, despite the difficult global conditions.
