EGYPT — Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that the total value of wheat imports in Egypt rose by US$2.324 billion in the first half of 2024, reflecting the country’s ongoing efforts to bolster its food security amidst global supply chain challenges.
The rise is US$539 million compared to the US$1.785 billion recorded during the same period in 2023.
According to CAPMAS, this represents a 30% rise, underscoring the country’s increasing reliance on imported wheat to meet domestic demands.
Wheat remains one of Egypt’s most crucial raw material imports, driven by the country’s large population and its bread subsidy program, which supports millions of Egyptians.
Total raw material imports, including wheat, also saw a rise in the first half of 2024, reaching US$5.621 billion, up from US$5.223 billion in 2023, a US$397 million increase.
However, CAPMAS data also revealed a contrasting trend for June 2024, where wheat imports declined by 21.5%, from US$332 million in June 2023 to US$261 million. This temporary dip in monthly imports comes amid Egypt’s broader efforts to diversify its wheat sources and optimize its strategic reserves.
Egypt’s strategic wheat reserves hit 6.1 months
In line with its strategy to maintain food security, Egypt’s Ministry of Supply and Internal Trade has been actively stockpiling wheat reserves.
According to Minister Sherif Farouk, the country’s wheat reserves now cover 6.1 months of supply, ensuring that bread, a staple food for most Egyptians, remains available and affordable.
To further enhance these reserves, the General Authority for Supply Commodities (GASC) recently secured 430,000 tons of wheat from Russia at US$235 per ton. These shipments aim to sustain Egypt’s subsidized bread program, critical for millions of low-income households.
In contrast to wheat, other critical imports such as medicines and pharmaceutical preparations saw a decline in June 2024, falling by 11.9% to US$233 million, down from US$265 million in the same month of 2023.
Overall, Egypt’s total imports for June 2024 amounted to $6 billion, a slight decline of 3.3% compared to US$6.21 billion in June 2023.
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