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Türkiye to allow 1 million metric tons of corn imports at lower tariff

Published Oct 14, 2024

Tridge summary

Türkiye's Trade Ministry has introduced a new regulation for corn imports to ensure the supply-demand balance until the end of the year, due to anticipated decreases in the 2024 corn crop both locally and globally because of adverse climate conditions and regional and global developments. The country will allow imports of up to 1 million metric tons of corn at a tariff rate of 5%, with a 130% tariff to be imposed on any imports exceeding this quota. This move aims to prevent potential supply issues from affecting food prices.

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

Original content

he Trade Ministry announced on Thursday a change to the regulation for corn imports that would be implemented until the end of the year to ensure the supply-demand balance amid adverse climate conditions and regional and global developments, which it said affected the 2024 crop. “A significant decrease is expected in the 2024 corn crop both in our country and in the world due to the effects of adverse climate conditions as well as regional and global developments, and the issue is being closely monitored by our Ministry of Trade in consultation with the Ministry of Agriculture and Forestry,” it said. “In this regard, to prevent the effects that may be reflected on food prices due to the supply problems that may occur in the domestic market, a new regulation valid until the end of the year has been made,” it added. Thus, Türkiye will allow imports of 1 million metric tons of corn at a tariff rate of 5% until the end of the year, it said. In a statement, the ministry said that they ...

Source: UkrAgroConsult