Sugar reserve sufficient till October, Egypt says

Egypt has enough sugar reserves for local consumption until October, Egypt's chambers of commerce announced on Monday.

Ahmed al-Wakeel, head of the Federation of Egypt Chambers of Commerce (FECC), said the country's current reserves amount to approximately 1.8 million tons, including its subsidized supply.

Securing the local market's needs helps to curb imports amid soaring prices, al-Wakeel said. He said Egypt's sugar consumption stands at 3 million tons per year.

A weekly report by FECC's food industries sector said that the upcoming months will see a steep drop in sugar prices, down to US$648 per ton of white refiend sugar. In March, the price jumped to US$736, a $10 increase from February.

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