Egypt to increase local wheat production in light of rising global prices

Egyptian authorities on Thursday said Egypt will enhance local wheat production due to global price increases.

Ministry of Trade and Industry representatives explained that supplying farmers with new crops in April and May will help the government meet increasing demand.

"With continued increases in global prices, local quantities of wheat will help us avoid paying enormous sums to buy wheat on the global market," Assistant Trade Minister Hisham Ragab told Al-Masry Al-Youm.

The government anticipates Egyptian farmers will supply 3 million tons to the Egyptian population this harvest season. Imported wheat will account for the remaining portion of Egypt's 12-million-ton expected consumption.

Wheat prices have risen 11 percent in the past week with analysts expecting a continuing spike due to the global wheat shortage. Australia, the world's fourth-largest wheat exporter, has had a poor harvest this season due to heavy rains, contributing to the deficit.

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