Egypt has cancelled a tariff imposed last year on sugar exports، the ministry of trade and industry said in a statement received on Wednesday، in a move that opens the door for exports to resume، Reuters reported.
The Egyptian government last year imposed a tariff of 3،000 Egyptian pounds($168.26) per tonne on sugar exports as part of efforts to stem a rise in sugar prices in the local market.
In the statement، the ministry of trade and industry said the decision to lift the tariffs was made because of a sugar surplus in the market that can be exported. Egypt had previously said it expected to produce about 2.3 million tonnes of sugar this year. It consumes about 3 million tonnes and fills the gap with imports.