Egypt's wheat imports reached a record high in 2024, driven by an improved financial situation and a significant rise in wheat flour exports, according to Fastmarkets. The country imported 14.4 million tonnes of wheat in 2024, while exporting over 1 million tonnes of flour to Middle Eastern and African markets between January and October 2024.

According to customs data reviewed by Fastmarkets senior reporter Masha Belikova, Egypt imported 14.4 million tonnes of wheat in 2024. However, the share of wheat booked via official tenders from the country’s General Authority for Supply Commodities (GASC) dropped to their lowest level since before 2018. Official GASC purchases for 2024 delivery through tenders amounted to just 5.4 million tonnes, or 38.5% of the total, according to Fastmarkets’ Tender Dashboard.

Egypt’s economic landscape underwent significant changes in early 2024. In February, the country secured a $35 billion investment agreement with the United Arab Emirates for the Ras El Hekma peninsula, with the potential to attract investments of up to $150 billion. Additionally, in March, Egypt transitioned from a managed exchange rate to a floating currency regime as part of an $8 billion International Monetary Fund (IMF) program. The reforms aimed to stabilize prices, manage debt, and stimulate private-sector growth. Previously, Egypt faced severe foreign currency shortages. However, the availability of foreign currency improved throughout 2024, enabling private companies to purchase larger volumes of grain. 

TURKEY’S WHEAT IMPORT BAN BOOSTS EGYPTIAN FLOUR EXPORTS

“Egypt’s record wheat imports were also driven by record high wheat flour exports over the year, with Turkey's introduction of a wheat import ban in June 2024, making Egypt more competitive in some Middle East and African markets, because Turkish millers had to use higher-priced domestic wheat,” Belikova noted. According to the Fastmarkets report, between January and October 2024, Egypt exported 1.03 million tonnes of wheat flour—the highest level since 2001—marking a 36% increase from the total exported in 2023. Exports to Sudan climbed by 16%, reaching 527,000 tonnes, while exports to Yemen, Palestine, and Somalia more than doubled compared to the previous year. 

In contrast, Turkey's flour exports fell by 17.4% to 3.035 million tonnes in 2024, following record highs in 2023. The import restrictions introduced in June further accelerated this decline, leading to a contraction of up to 43% in the second half of the year.

The rise in Egypt’s wheat imports was further supported by declining global wheat prices. According to Fastmarkets, the average assessed price for Russian 12.5% wheat in 2024 stood at $226.16 per tonne FOB Black Sea—$29.42 per tonne, or 11%, lower than the 2023 average of $255.58 per tonne. Russia maintained its position as Egypt’s dominant wheat supplier, increasing its market share to 77% in 2024 from 70% in 2023, according to Fastmarkets data. Meanwhile, Ukraine emerged as Egypt’s second-largest supplier, accounting for 16% of the country’s total wheat imports in 2024.