June 23, 2022 finance & economy

KFMB company increases strategic stockpile of flour


KUWAIT CITY, June 22: The Kuwait Flour Mills and Bakeries Company said the country’s strategic stockpile of wheat according to data made available last April stands at 140.63 thousand tons, reports Annahar daily. The company stated the stock increased from the previous month, which was 126.29 thousand tons, saying the Ministry of Commerce and Industry supports the company’s products of wheat and flour – 7.197 million dinars for Arabic bread and 13.184 million dinars for flour, bringing the total trade support for wheat and flour to 20.38 million dinars in 2021.

Food security
The company indicated that it is interested in importing wheat to achieve food security and ensure sustainability of products made from wheat, such as flour, breads of all kind and other food products, pointing out that it is not concerned with preventing the import of wheat and flour and it has no authority in that saying it falls within the jurisdiction of the General Administration of Customs – the authority concerned with approving or preventing wheat and flour imports from entering the country.

The bakeries company stated that it imports wheat from Canada and Australia at a rate of 489.03 thousand tons annually – Canada 87.53 thousand and Australia 401.50 thousand tons. Regarding the cost of importing wheat in the past ten years, the company indicated that the cost of importing a kilo of wheat was 0.088 dinars in 2012, while in 2022 it has shot to 0.112 dinars.

arabtimesonline



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