The Egyptian exports of rice recorded EGP 112 million at the end of Q3 of 2012, soared by 9%, while the exports at the same period in 2011 reached EGP 102 million.
After having a comparison between the exporting values of rice, it was detected that Egypt’s the annual average exports of rice during the last three years, especially before the ban decision, recorded EGP 1.73 billion, while EGP 1 billion recorded in 2008, EGP 2.3 billion in 2009, and EGP 1.85 billion in 2010.
The comparison pointed to the decline of Egyptian exports of rice in 2011 and 2012 at EGP 303 billion, before the ban decision. This refers that the Egyptian outcome of foreign cash lost $ 533 million on account of the ban decision.
Mohsen El Gebaly, Head of Beni Suef Investors Association, asserted to Amwal Al Ghad that the ban decision of exporting rice resulted in deliberate harm on the Egyptian economy in general, and on the agricultural investment in particular. It also led to increasing the smuggling processes, due to not having legal channels to export rice, amid surplus in the local market and the relative law prices.
On September, the Minister of Industry and Trade, Hatem Saleh, issued a decision of starting the export of rice in October 2012.
