Egypt Watch

11% increase in the price of beans

The Division of Cereals and Agricultural Crops at the Cairo Chamber of Commerce revealed that the prices of local beans increased by 11 per cent to a record EGP 30,000 ($1,904), compared to EGP 27,000 ($1,714) at the beginning of this month, as a result of the decrease in the quantities offered. Obour al-Attar, Vice President of the Division of Cereals and Agricultural Crops, said that the sale price ranges between EGP 32 and 34 ($2.03 and $2.16) according to the quality, and the price is expected to rise to EGP 38-42 ($2.41-2.67) as the holy month of Ramadan approaches due to the high demand. The local consumption volume ranges between 800,000 and 900,000 tons annually, while the annual import volume reaches 600,000 tons, and the rest of the consumption depends on the local production of the cultivated areas, which reaches 80,000 acres. The decline in the cultivated areas with beans came due to the high prices of fertilizers, pesticides and seeds, which made farmers reluctant to grow beans, in addition to the absence of agricultural guidance.