Raw sugar imports have been exempted from custom duties as of 20 May 2016 until end-2016, according to a Cabinet decision published by the Official Gazette. Several local producers have already opposed the decision, especially in light of the EGP900 fee imposed on sugar exports last week, stating that the move threatens the domestic industry, especially given the 30% increase in the cost of production and the low domestic prices, said Amin Farid, Chief Financial Officer of Delta Sugar. The decision would also flood an already-saturated market as Egypt currently imports 1.3mn tonnes of sugar, with supply-demand gap of only 900,000 tonnes per annum. On another note, the Agriculture Committee demanded to raise the price of exported sugar cane by EGP100/tonne to reach EGP500/tonne to guarantee profit margins for farmers. (Al Borsa)