CAIRO: Rice exports have been suspended for six months starting April 2008, announced the Minister of Trade and Industry, Rachid Mohamed Rachid, according to local newspapers.
The decision aims at increasing the availability of rice in the domestic market to curb the accelerated rise in its price, following the increase in domestic consumption.
Exports had reached 700,000 tons this season. Egypt produces around 4.6 million tons of rice, consumes 3.2 million tons and was expected to export around 1.4 million tons.
Beltone Financial said, “The decision is in line with the government’s efforts to curb inflationary pressures from the rising food prices and increase the availability of basic products in the domestic market.
“The year-on-year consumer price index had jumped from 6.9 percent in December 2007 to 12.1 percent in February 2008, on the back of higher food prices and economic growth, with the year-on-year rise in the prices of grains and bread climbing from 15.3 percent to 26.5 percent in the period between December 2007 and February 2008.
