“Imported Meat Prices Fall by 15 Pounds per Kilogram in Cairo Market”

04:17 PM

Tuesday, May 30, 2023

I wrote – Dina Khaled:

Sayed Al-Nawawi, deputy head of the Importers Division at the Cairo Chamber of Commerce, said that the prices of imported meat fell in the market by about 15 pounds per kilogram, during the current month, compared to their levels last April.

Al-Nawawi added, to Masrawy, that the prices of imported meat in the market range between 212 and 225 pounds per kilo, according to the cut, for the Brazilian type, compared to between 230 and 240 pounds last month, while the Indian type ranges between 185 and 195 pounds, according to the cuts, compared to between 200 and 210 pounds, where less. The price is for the Indian and the highest price for the Brazilian.

Al-Nawawi attributed the reason behind the decrease in prices to the lack of demand for meat after its prices rose significantly, which led to a state of stagnation in the frozen and fresh meat market, due to the weak purchasing power of citizens in light of the current economic conditions.

The prices of imported meat witnessed significant increases in the past months, before declining this month, for several reasons, the most important of which is the lack of supply of imported meat due to the lack of release of goods in ports, and the low price of the pound against foreign currencies, as meat is imported in dollars, which raised the cost of the product. Final.

The Central Bank had issued a decision in February of last year to stop dealing with collection documents in all import operations and to use letters of credit instead, before rescinding this decision at the end of last year.

Importers and manufacturers suffered during the last period from a crisis of lack of production requirements due to the delay in opening documentary credits, and the slowness in managing currency by banks, according to importers and manufacturers who spoke earlier to Masrawy, but Dr. Mostafa Madbouly announced last January that the problem of stockpiling goods had ended and conditions had returned. in ports as normal.

The exchange rate of the pound has witnessed a significant decline since March 2022, and the price of the dollar has increased by more than 96%, bringing its level in banks to the level of 31 pounds, compared to 15.76 pounds on March 20 of last year.