New collapse of the Turkish lira, waiting for the influx of imported fruits from Turkey

Fruits

Vegetables

Turkiye

Published Jun 9, 2023

Tridge summary

By a probably completely random coincidence, immediately after the end of the presidential elections in Turkey, which were won by the incumbent President Recep Tayyip Erdogan, the Turkish currency suffered another collapse. And this, according to EastFruit analysts, has a huge impact on the fruit and vegetable trade of the entire region: Central Asia, the Caucasus, Eastern Europe, the Middle East and even the European Union.

Original content

Since the end of the elections, the value of the Turkish lira against the US dollar has already decreased by 14%, and the downward trend in the value of the currency continues. Interestingly, exactly two years ago, one dollar was worth 8.67 Turkish lira, and today it is already 23.37 lira. Thus, in two years, the Turkish currency has already fallen in price by 2.7 times. It is well known that a depreciation of the local currency always helps to stimulate exports and severely limits the possibilities of imports. In the first 4 months of 2023, exports of fruits and vegetables from Turkey increased by 10%, and this was at a time when the exchange rate was held at a stable level. After its devaluation, we should expect a new round of growth in the volume of exports of fresh fruits and vegetables, as well as dried fruits and nuts of Turkish production. It should be noted that Turkey is the largest exporter of fresh fruits and vegetables in the region, and its annual revenue from the ...

Source: Eastfruit