According to Hazem El-Nanouf, a member of the Egyptian Food Industry Association, global sugar prices have decreased, leading to cheaper imports and affecting local production costs. This decrease has allowed products to enter the local market at lower prices than domestic production costs. As a result, local producers have faced challenges in recent periods. The industry has been working to adjust to these changes.
El-Nanouf explained that when global sugar prices drop, it impacts local production costs, making it difficult for local producers to compete. He noted that some sugar imports came in at lower prices, affecting local production. However, the market has now reached a balance, allowing for fair prices for both producers and consumers. This balance is crucial for the industry's sustainability.
The goal of the food industry is to maintain production without causing losses for any party involved. El-Nanouf emphasized that all parties in the production chain must work together without incurring losses. The industry aims to achieve a stable market with fair prices for producers and consumers alike. This stability is essential for the industry's growth.
The Egyptian Ministry of Supply and Internal Trade has launched an initiative to control prices and promote competition. This initiative, which will continue until March 2027, aims to balance the market and provide affordable alternatives to consumers. El-Nanouf believes this initiative will help regulate prices and prevent significant hikes.
The availability of affordable alternatives will help limit excessive price increases. El-Nanouf noted that even if prices do rise, they will be moderate and not drastic. The Ministry's initiative will ensure that consumers have access to essential goods at reasonable prices. This move is expected to have a positive impact on the market.
El-Nanouf described the Ministry's initiative as a proactive measure to address potential future challenges. He expects most food products to be available in sufficient quantities and at reasonable prices over the next six months. This forecast suggests that the market will remain stable, with minimal price fluctuations.
The Egyptian food industry is optimistic about the future, with expectations of stable prices and sufficient supplies. El-Nanouf's statements reflect the industry's commitment to maintaining a balanced market and ensuring fair prices for all parties involved. The Ministry's initiative is seen as a positive step towards achieving this goal.
Key points
- The Egyptian food industry expects prices to remain stable over the next six months.
- The Ministry of Supply and Internal Trade's initiative aims to balance the market and promote competition.
- The industry is working to maintain production without causing losses for any party involved.
