According to the reliable sources, it has been reported that the Egypt will ban on rice exports from April 4 in order to preserve their stocks for the local market and to combat rising prices, as it was stated by the Trade Minister TarekKabil. It has also been indicated that Egypt lifted a previous ban on the crop last October due to an expected surplus and imposed an export tariff of 2,000 Egyptian pounds ($255.43) a tonne, but that decision is set to expire on April 3. Further, it has been revealed that the North African country produced around 3.75 million tonnes of rice in the 2015 season and carried over 700,000 tonnes from 2014. In view of consumption at 3.3 million tonnes which leaves a surplus of more than 1 million tonnes.
Furthermore, it has been narrated that the government’s failure to stockpile rice earlier in the season has left it at the mercy of traders, who are unwilling to sell to the state and choosing to stockpile instead as domestic prices of rice are rising daily. The stockpiling has helped to lift the price and the government pays for rice by about 50 per cent in recent months. Further, the Egypt’s state grain buyer GASC has tried twice in recent months to hold tenders for importing rice, but had to cancel each time after low turnout to give suppliers time to complete necessary paperwork. However, now a third tender is set for Saturday. It has also been reported that the Egypt first imposed a ban on exports in 2008 saying it needed to save rice for local consumption and wanted to discourage rice farmers from growing the crop to save water.