The Egyptian pound has fallen by over 17% against the US dollar since the beginning of 2023, reaching about 30 pounds to the dollar, and has stabilized around this value throughout January 2023. In theory, this could be an opportunity for agricultural exports, but how will prices settle, given the rising costs of inputs imported into Egypt, which are also paid in dollars? Mr. Eslam Taha, of the exporter Green Fresh, addresses this question.
"Certainly, the decline of the Egyptian pound allows exporters to make considerable financial gains, but we face the same effect in the opposite direction, we import packaging materials, inputs, and agricultural tools. We try to find a balance and make the most of the opportunity presented by the exchange rates situation. So there will be some slight variations in prices, but they will remain overall stable this season and also next season. This in itself is good news for importers, as fruit prices are rising all over the world," explains Mr. Eslam.
Egyptian agricultural production has had a good season this year due to good weather conditions. Mr. Eslam commented: "When our produce improves in quality, lowering the prices is not justified, not even by the exchange rate. The quality has been exceptional for citrus and strawberries. The sweetness and acidity levels are very good. The yield of strawberries, for example, has increased to 15 tons per feddan (1 feddan = 0.42 ha) from 10 tons last year. The quality of Egyptian strawberries is known and appreciated in the European market."
"To be competitive with other countries, we will try not to increase prices like other origins are forced to do, but above all, we will be competitive thanks to the quality of our produce and by maintaining stable and uninterrupted supply chains."
The producer grows the strawberry varieties Estival, Fortuna, and Sensation. "After 8 years of working as a quality engineer in large Citrus and Strawberry companies, I decided to start my venture this year. I will start first with the English market, and expand in the coming years to other European and Arab markets. The experience I have gained has allowed me to offer a very respectable quality, and my strength is my experience in terms of shelf life improvement."
For more information:
Mr. Eslam Taha
Tél. : +20 109 503 2503