Egypt achieved a surplus in the current balance during the fourth quarter of 2022, the first surplus since the first quarter of 2014. This surplus came as a result of several reasons, most notably the decrease in Egypt's wheat imports during the second half of 2022 by 22 percent.
According to the Central Agency for Public Mobilization and Statistics (CAPMAS), this surplus is due to the rise in local production, as the Egyptian government approved a package of measures that included announcing price hikes that will be paid to farmers for buying local crops. Prices were also raised again with the outbreak of the Russian war in Ukraine, with prices paid to local farmers rising by 22 percent compared to the 2021 season, encouraging an increase in the cultivated area and total wheat production.
Source (Al-Arabiya.net Website, Edited)
