Egypt Extends Exemption Of Sugar
Imports Duty
Egypt's
cabinet has decided to extend the exemption of raw and white
sugar imports from duties until June 30.
Egypt has exempted sugar imports from duties since August 2009
to control prices in the domestic market.
The head of customs authority, Ahmed Saoudi, said in Cairo that
the decision was taken in the light of record rises in sugar
prices of late.
Egypt ordinarily has a 2 per cent duty on raw sugar and a
10 per cent duty on refined sugar.
’’The exemption is a temporary measure to counter the
negative effects of a global rise in sugar prices,’’ Saoudi
said.
A ministry official had said last November, that Egypt was
studying the domestic availability of sugar so it could decide
on the extension.
The most populous Arab country consumes about 2.2 million
tonnes of sugar a year while about 1.4 million tonnes of
it is produced domestically.
The investment ministry raised the price at which it buys sugar
cane from domestic farmers by 17 per cent this season in
a bid to encourage local production.
Trade Minister Rachid Mohamed Rachid has also said higher world
prices would push the sugar subsidy bill in 2009/2010 up by more
than 70 per cent to 4 billion Egyptian pounds.
NAN/Yinka
