Egyptian port allows US$60M worth of supplies to bolster feed manufacturing in the country
EGYPT – Elsayed Elkosayer, the Minister of Agriculture and Land Reclamation has revealed that the country’s port has so far released animal feed supplies amounting to 121, 000 tonnes for feed production in the country.
According to the minister, the supplies consisted of 88,000 tonnes of maize for US$31.6m and 33,000 tonnes of soybeans for US$24.5m, as well as fodder additives for US$3.6m.
The total worth of supplies released from the port according to the Central Bank of Egypt (CBE) is worth US$60M.
The total amount released from 16 October 2022 to 26 October 2023 reached 8.4 million tonnes, valued at US$4.1bn.
Elkosayer explained that the release aims to ensure the availability of maize and soybeans in the markets, which are essential for poultry and livestock feed production.
He urged poultry project owners to lower their prices and join the government’s initiative in this regard.
The Minister of Agriculture also stated that he is monitoring the situation closely and coordinating with the Central Bank, with the support of the Prime Minister, to release adequate quantities of maize, soybeans, feed ingredients, and additives from Egyptian ports to sustain this industry.
Early this year, President Abdel-Fattah Al-Sisi called for the expansion of the cultivation of oilseed crops some weeks ago, pointing out that most of these can be used to manufacture food oil and as alternative ingredients in the feed of poultry and livestock.
The call by the president aimed at reducing animal feed supplies import costs amid the struggling economy.
According to the president, Egypt imports huge quantities of feed corn at nearly 50 percent and 90 percent of soybean needs for its annual feed production requirements, placing huge pressure on the national budget and foreign currency reserves.
According to Abdel-Raouf Al-Gohari, an expert on livestock production, cattle feed consists of about 50 percent corn feed and 30 percent soybeans. Any deficit in the local production of either of these crops has to be made up through imports as they are crucial to proper meat and dairy production.
Hence, the government seeks to expand the local production of these crops as the cheapest and secure way to meet annual animal feed domestic needs.
