Tridge summary
The Mayor stated that there are good harvest forecasts for the upcoming season, but industrialists are reluctant to buy the grain due to a recent tax increase on imported grain. As a result, the Turkish Grain Board is the only buyer. To address this issue, changes have been made to allow exporting industrialists to buy, process, and export wheat from the domestic market, and then import the raw materials in return. The Mayor commended the Ministry of Commerce for their efforts in sustaining Turkish agriculture with this new practice.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
In his written statement, Mayor Özel said, “The harvest forecasts for the 2022/2023 harvest season throughout the country look very good. Customs duties on cereals were zero until a month ago. Before the 130% tax on imported grain came, industrialists filled their warehouses with imported grain. For this reason, the industrialists are not willing to buy the currently harvested grain. The only receiving state is the Turkish Grain Board. (TMO) As such, solutions are sought to ease the market, and practices are changing rapidly. Within the scope of Inward Processing Regime (DIR), flour, pasta, semolina, etc. exporting industrialists will buy, process and export their wheat from the domestic market. Then he will be able to import the raw material in return," he said. THANKS TO THE CHANGE MADE, AGRICULTURE CAN BE SUSTAINED Pointing out that agriculture will be sustainable with the ...
Source: TRHaber
Would you like more in-depth insights?
Gain access to detailed market analysis tailored to your business needs.
Related market data
What to read next
Read more relevant content
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.