Egypt Puts Three-Month Ban On Food Exports: Report

The Egyptian government is halting the export of primary food staples in order to build its food reserves in the wake of the Russian war in Ukraine.

What Happened: According to a Bloomberg report, the export ban will be in place for three months and covers wheat, flour, lentils, pasta and fava beans.

The war has wreaked havoc on Egypt’s food economy, with wheat-flour prices up by 19% and vegetable oils up by 10%; consumer inflation in February was up 8.8% year-over-year.

Egypt imports most of its wheat from Russia and Ukraine, which is used by the government for its bread-subsidy program for millions of people. The spike in grain prices since the Ukraine invasion has added new stress to the government’s finances, which is working to prevent profiteering.

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What Else Happened: Egypt is the latest country to enact food protectionism because of the disruptions created by Russia’s military actions. Three European nations — Hungary, Moldova and Serbia — are banning exports of some grains, while Turkey’s agriculture ministry has strengthened its authority over the foreign sale of a wide array of food products. Indonesia, the world’s largest exporter of edible oils, has restricted shipments bound to foreign markets.

However, the food products under the ban do not constitute Egypt's primary export commodities. According to the International Trade Center, Egypt's chief exports consist of natural gas, ready-made clothes, cotton textiles, medical and petrochemical products, citrus fruits, rice and dried onions, cement, steel and ceramics.

Photo: A view of Cairo, the Egyptian capital, by Simon Berger / Pixabay