Turkey: Taxes have been reset in sunflower, discount on oil, increase in food

Published 2023년 1월 16일

Tridge summary

Recent changes in customs duties in Turkey have led to significant developments in the agricultural market. The removal of duties on crude sunflower oil and seed oil has resulted in a connection of 150 thousand tons of oil in the past 15 days, with domestic prices expected to drop by 10-15%. However, the livestock sector faces challenges due to increased feed prices, caused by a rise in pulp prices and a halt in kernel imports. The situation is further complicated by a decrease in domestic slaughtering facilities and a lack of seed import, leading to a critical supply issue. Despite these challenges, Turkey's oil export income exceeds its import bill, showing a positive balance in the sunflower oil sector.

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

Original content

With the reduction of customs duties, Turkey made 150 thousand tons of crude sunflower oil connection in the last 15 days. It is expected that the products purchased at new prices will reflect between 10 and 15% on the shelves in the domestic market. On the other hand, the price of pulp increased by 10% due to the lack of kernel imports. While the zeroing of customs duties on crude sunflower oil and seed oil had a positive impact on oil prices, it had a negative impact on the livestock sector. Before the New Year, imports of crude sunflower oil were taxed at $250 per tonne and 5% tax on sunflower seeds. Oil imports became more advantageous instead of core taxes being reset until May 31, 2023 at the beginning of the year. Due to the lack of import of sunflower seeds and the stoppage of domestic slaughtering facilities, prices increased by about 10 percent due to the problem in the supply of pulp. This, in turn, had a negative impact on the livestock sector, triggering an increase ...

Source: Gidatarim