Egypt leads in Russian grain purchases, shifts procurement method

(MENAFN) Egypt has emerged as Russia's leading grain buyer, acquiring more than two million tons of grain in a mere three-month span, as reported by the Union of Grain Exporters on Friday. Between July and September, Cairo procured 2.031 million tons of grain, reflecting a 9.1 percent growth compared to the corresponding period last year when Egypt imported 1.862 million tons.

“The firm position of Russian exporters in GASC [General Authority for Supply Commodities] tenders stimulated private purchases,” The Union made this statement on its Telegram channel, making a reference to the Egyptian authority responsible for food procurement.

In earlier reports this month, it was noted that Egypt, in a departure from its usual method of procuring grain via tenders, had acquired approximately 500,000 tons of wheat from Russia through a private transaction. Egypt ranks among the world's leading wheat importers, and its wheat purchases are closely monitored as a global standard.

According to information released by the Union of Grain Exporters, Egypt raised its imports of Russian wheat by 11.8 percent in July and August compared to the same period last year, totaling 1.28 million tons.

MENAFN08102023000045015682ID1107207765