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Taxes on Grains, Oilseeds and Crude Oils Have Been Reduced to Zero in Turkey
Alper Akkurt
Updated Jan 17, 2023
The Turkish government reduced customs duties on imports to 0% for wheat, corn, and barley until April 30, 2023, and until May 31, 2023, for safflower, sunflower (crude oil, seeds), and canola. Before 2023, Turkey applied a tax of USD 250/MT to the imports of crude sunflower oil and a 5% tax on sunflower seeds.
Although the zeroing of customs duties could positively impact oil prices, it is likely to negatively affect the livestock sector. While oil prices are expected to decrease, feed prices are predicted to rise as fewer oilseed byproducts are likely to be available since crude oil imports are more advantageous now. Thus, it is expected that a 10-15% discount will be reflected in the market prices of oils with zero customs duty on FEB.
Although the zeroing of customs duties could positively impact oil prices, it is likely to negatively affect the livestock sector. While oil prices are expected to decrease, feed prices are predicted to rise as fewer oilseed byproducts are likely to be available since crude oil imports are more advantageous now. Thus, it is expected that a 10-15% discount will be reflected in the market prices of oils with zero customs duty on FEB.
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