A forecast predicts a tsunami of Turkish fruits and vegetables to Europe

Published 2023년 6월 14일

Tridge summary

Following Recep Tayyip Erdogan's re-election as Turkey's president, the Turkish currency has experienced a significant decline, leading to concerns about the impact on fruit growers and the broader impact on European Union, Central Asian, Caucasus, and Middle Eastern fruit and vegetable trade. The depreciation of the Turkish lira, now 2.7 times its value from two years ago, has boosted exports but increased the cost of imported goods for farmers, potentially affecting product quality. Despite these challenges, there is optimism for increased exports of various fruits, dried fruits, and nuts, with banana exports possibly seeing a surge due to increased domestic production. However, the devaluation of the lira is expected to increase food costs for local consumers, potentially exacerbating poverty levels.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Immediately after the presidential election in Turkey, won by the current president, Recep Tayyip Erdogan, the Turkish currency suffered another collapse. Fruit growers ask: When will we receive the funds to grow old Bulgarian varieties This is expected to have a huge impact on fruit and vegetable trade in the European Union, Central Asia, the Caucasus and the Middle East, writes the East Fruit electronic publication, quoted by Darik Business Review. Since the election, the Turkish lira has already fallen 14% against the US dollar, with the downward trend continuing. In the summer of 2021, one dollar was worth 8.67 Turkish Lira, and today - 23.37 Turkish Lira. This means that for the last two years, the Turkish currency has already depreciated 2.7 times. A devaluation of the local currency always stimulates exports and severely limits import opportunities. In the first four months of 2023, fruit and vegetable exports from Turkey increased by 10%. After another devaluation of the ...

Source: Agri