russia seizes Egyptian wheat market

russia increased its wheat supplies to Egypt by more than a third in annual terms to $2.3 billion in the first eleven months of last year, bringing its share of Egyptian imports to more than 70%, according to calculations by the russian RIA Novosti.

Thus, in January-November 2023, Egypt purchased $3.25 billion worth of wheat on the global market, which is 6% less in annual terms. At the same time, the country spent 5.5 billion dollars on the grain purchases, compared to 5.9 billion dollars in the same period of 2022.

russia remained the largest supplier of wheat to the country, supplying Egypt with 2.3 billion dollars worth of wheat during this period, compared to 1.7 billion dollars in the same period a year earlier. As a result, Russia’s share of wheat supplies to Egypt increased to 71% last year from 49% in 2022.

Other major suppliers of wheat to Egypt were Ukraine, which doubled its supplies to $411 million, and its share reached 13%, up from 6% a year earlier. At the same time, Romania reduced its wheat exports by 1.9 times, to $339 million, and the country’s share in Egyptian imports was only 10.5%, down from 19% a year earlier.

Bulgaria saw the biggest drop in shipments, down almost ninefold to $19.5 million, and its share fell to 0.6%. In France, exports dropped 6.4 times to $83 million, and its share fell to 2.5% from 15%. Germany (1.5% in 2022) and Lithuania (0.8%) also disappeared from the list of suppliers.

Tags: Ukraine, Russia, Bulgaria, Egypt, France, wheat, Germany, Lithuania