Devaluation in Turkey stimulates local banana production and apple exports

Fruits

Vegetables

Turkiye

Market & Price Trends

Published Mar 21, 2024

Tridge summary

The Turkish lira's devaluation has had significant impacts on the fruit and vegetable industry, with the US dollar to Turkish lira exchange rate rising by 12% since 2024's start and 71% over the year. This situation has temporarily boosted Turkey's export of certain fruits like apples (excluding Golden Delicious), lemons, and grapefruits, and stimulated local banana production. Despite Russia being the largest buyer of Turkish produce, its share in exports is decreasing, while supplies to Germany, Iraq, Romania, and other EU and Middle Eastern countries are rapidly increasing.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

According to EastFruit analysts, another collapse in the Turkish national currency has led to significant consequences for the fruit and vegetable business. Since the beginning of 2024, the US dollar to Turkish lira exchange rate has increased by 12%, and over the year - by 71%. According to international fruit and vegetable business expert Fyodor Rybalko, thanks to the devaluation, Turkey received a temporary advantage in the export of apples, except for the Golden Delicious variety, as well as in the export of lemon and grapefruit. “Also, the devaluation of the lira in Turkey stimulates the production of local bananas,” says Fedor Rybalko. Against the backdrop of Iran's self-exclusion from the world apple market, this will allow Turkey to more successfully export these fruits to the Indian market, where these two countries compete. Also, according to our estimates, this will allow Turkey to more successfully supply greenhouse tomatoes to the Ukrainian market. Read also: Due to ...

Source: Eastfruit