| Egypt Market Update, January to June 2016 |
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VIEWS
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| by Zainuddin Hassan
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For many years Egypt has been a reliable growth market for edible oils. Despite the economic uncertainties and the government restrictions on access to foreign currencies in 2015 and the first quarter of 2016, the demand for oils and fats continues to increase steadily. According to the Oil World, in 2015 Egypt’s consumption of oils and fats amounted to 2.14 Mn T, an increase of about 3 percent as compared to the total consumption recorded in the previous year.
Egypt is only able to meet about 23% self-sufficiency from its domestic oils and fats production and supply depends almost entirely on imports. The country’s oilseed production is unlikely to expand due to lack of arable land and as such their vegetable oil production is unlikely to expand significantly. What is certain is its population growth, which is rising at an estimated rate of 1.84% per year, will lead to rising demand in Egypt’s US$1.23bn oils and fats market sector. According to the recent estimate by the Global Agricultural Information Network (GAIN), in the marketing year 2016/2017, total oil consumption for food and industrial use in Egypt will amount to approximately 2.6 Mn T. Palm oil is expected to supply over 40% this demand requirement.
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