The Clap
Egypt ramped up its wheat imports, marking a notable increase compared to previous years.
What
According to Asharq, the country has bought 1.6 million tons of wheat since September of 2023 compared to 120 thousand tons for the same period last year.
Wheat traders told Asharq that the country is hedging its supply of wheat, aided by a 32% price decrease over the same period last year.
So What
Egypt has a ~ 50% deficit in wheat supply, producing 10 million tons yearly but consuming 20 million tons. The country uses imports to fill the gap, making it one of the largest wheat importers worldwide.
Now What
Egypt was able to secure purchases with a 270-day payment period, allowing more time to finance the deals compared to the previous 180-day limit.
