Egypt To Buy Russian Wheat To Meet Domestic Demand
Egypt is the leading wheat importer in the world. Egypt relies mostly on wheat imports to feed its people. Although, these imports cover only 40% of the domestic market needs. According to the Egypt customs data reports, the country's overall imports declined by 18% during the fiscal year 2022. Around 9.6 MT of wheat imports were recorded in FY 2022. In 2021, wheat imports from Egypt totaled to be $4.35 billion. Annually, Egypt is importing 12 MMT of wheat. Egypt import export data suggests Russia is the top wheat exporter to Egypt contributing to over 57% share of Egypt's overall wheat imports. In 2021, Russia accounted for $2.48 billion worth of wheat exports to Egypt. Whereas, in 2022, it fell by 6.5%. This was due to the disruption in supply of wheat amid ongoing Ukraine-Russia war. Also, the price of wheat was on the higher side and lack of foreign reserves forced Egypt importers and private factories to restrict their imports. Russia is then followed by Romania, Ukrai...