The head of the Peasant Syndicate in Egypt, Hussein Abdel Rahman Abu Saddam, said: “Egypt is heavily dependent on wheat imports from Russia, as Russia has become the first in the list of countries from which we import.”
Abu Saddam added in statements to RT that “Egypt is one of the largest wheat importing countries in the world, as it imports nearly 10 million tons of wheat annually, draining over one billion dollars, which is a lot of pressure on the green currency.”
He pointed out that “nearly 70% of Egypt’s wheat imports come from Russia, which relieves pressure on the dollar, which has recently appreciated significantly against the pound”, explaining that importing Russian wheat has many advantages, in addition to the fact that the cost her delivery is lower. From other countries, Russian wheat is cheaper than from other countries.
Abu Saddam confirmed that in addition to the excellent relations between Egypt and Russia, Russia has fulfilled all its obligations to supply wheat to Egypt, despite the current crisis with Ukraine. Over the past few days, several shipments of Russian wheat have been sent to Egypt, the latest of which was two shipments 120,000 tons at a price of $337 per ton, including shipping costs.
He stressed that the trade exchange between Russia and Egypt in local currencies, if it is activated, which is still under study, will have great positive benefits for both countries, as it removes economic pressure on Russia and provides Egypt with billions of green currency and contributes to resolution of the reserve money crisis.
Source: RT
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