Global Courant
The Ministry of Trade and Industry announced that it has postponed the implementation of a decision to halt onion exports for a period of three months until early October.
The announcement caused confusion in the markets as the price of a ton of onions fell by about LE5,000, while retail prices ranged from LE22 to LE30 per kilogram.
A source within the Ministry of Trade and Industry explained that the decision to postpone was a continuation of the contracts for Egyptian onion exports, especially as the end of the harvest export season was approaching.
The decision to stop onion exports will come into effect immediately after the issuance of the minister’s decision, which is expected to be issued within days.
Onion prices on the wholesale market fell by approximately LE5,000 per tonne, to between LE15,000 and 20,000.
Data from the Agricultural Crops Export Council shows that onion exports have increased to 525,000 tonnes.
The value of last export season’s exports was approximately US$178 million during the first nine months of the export season, from September 2022 to May 2023.
Official reports from the Ministry of Agriculture explain that the increase in onion prices is due to the decrease in cultivated areas and an increase in Egyptian onion exports combined with increased demand for local consumption.
