The conflict between Russia and Ukraine may affect food prices negatively

As the conflict between Russia and Ukraine deepens, problems regarding imports occur. Turkey realized 86.6% of the total wheat import amount from Russia and Ukraine in 2021. In addition, 79.4% of barley imports, 11.4% of sunflower imports, and 13.3% of soybean imports were made from these countries. The highest import from these countries was wheat. On the other hand, Turkey exports a significant portion of its wheat imports by converting them into flour and flour products within the scope of the inward processing regime. The crisis between Russia and Ukraine will negatively affect food prices, especially bread. Failure to find a product will significantly restrict the export of processed wheat products and cause disruptions in production.