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Rice Prices Drop 20 Percent
The article discusses the rice market situation in Egypt. Ragab Shehata, head of the Rice Division at the Federation of Industries, confirmed that rice prices have decreased by approximately 18% to 20% due to the abundance of local production, which is sufficient for about three additional months, with an increase of around one million tons compared to the previous year. He explained that Egypt produces between 6.5 and 7 million tons of paddy rice annually, with a local consumption of 3.6 million tons, and a surplus estimated at about 900,000 tons that covers an extra three months. He also pointed out that there is no current crisis in the market and that the strategic wheat stockpile is enough to last between 8 to 12 months, with rice availability abundant during the harvest season, providing a significant surplus in the market.
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