Egypt’s commodities prices grow 20-30% on global spikes

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ArabFinance: Prices of imported goods witnessed increases ranging between 20% and 30%, affected by the global spikes in freight and raw materials, Matta Bishai, Head of the Internal Trade Committee of the General Division of Importers at the General Organization for Import and Export Control’s (GOEIC), revealed.

Bishai said that the increase in prices led to an abundance of goods, especially since the market has been going through a major recession since before COVID-19 outbreak.

He added that the Egyptian market has a very large abundance of commodity supplies, whether local or imported goods.

Bishai pointed out that global changes witnessed in all countries of the world due to the crisis of supply chains, energy, and high price of shipping and raw materials, were reflected in the Egyptian market.

He further noted that the country has good stocks of strategic commodities, especially wheat and oils, and that the Egyptian market has not witnessed any crises like the ones witnessed by some countries in the availability of commodities.

All commodities are abundantly available in merchants’ stores, and no party received a shortage of any commodity, he said, adding that the local price hikes were caused by global increases of raw materials and imported production requirements.