Egypt seeks wheat cargoes from US, Canada

GASC is seeking soft and hard wheat cargoes from the US and Canada, GASC Vice Chairman Ahmed Youssef stated.

The anticipated shipment is scheduled between 21 and 31 July and will be financed by the International Islamic Trade Finance Corporation (ITFC).

Egypt had previously entered into a $1.5 billion agreement with ITFC in January to secure funding for the country’s energy products and essential commodity imports.

In April, the Egyptian government announced a 20 percent increase in the local wheat procurement price for the upcoming harvest season.

With an annual consumption of up to 18 million tons of wheat, of which 12 million tons are imported based on 2022 figures, Egypt aims to mitigate disruptions in global food supply chains and the upward trend in commodity prices by encouraging farmers to increase wheat supply to the government.

The government aims to purchase four million tons of local wheat during the current harvest season, which started in April and runs through the fall.

Tags: Egypt, ITFC, Canada, US, GASC, wheat, imports, cargoes, shipment, soft wheat, procurement price, hard wheat