Egypt to import more soybeans

Egypt is expected to import nearly 15% more soybeans in 2024-25 due to an influx of foreign currency into its banks and an increase in feed demand.

Imports are estimated at 3.1 million tonnes, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. Egypt is the largest importer of soybeans in the Middle East and North Africa, producing only an estimated 85,000 tonnes, or less than 3% of demand.

It incorporates soybean meal into feed rations for poultry, dairy cows and aquaculture.

Meal production is estimated at 2.5 million tonnes, an increase of 28%. Consumption is estimated at 2.85 million tonnes.

“Feed use of soymeal is forecast to be up by 5.5% compared to the previous marketing year, as soymeal is used as the major source of protein in feed rations and is extensively used due to higher availability,” the FAS said.

Both soybean and sunflower oil production are forecast up due to an increase in population, higher demand and the influx of foreign currency.

Egypt’s soybean, sunflower, and palm oil consumption for food and industrial use is estimated at 2.66 million tonnes, up 3.9% from last year. Production is forecast to increase due to an increase in population, higher demand and the influx of foreign currency.

Source: World Grain