Turkey: We sell out sunflower oil half of what we consume

Published 2022년 3월 9일

Tridge summary

The article explores the significant increase in sunflower oil prices, with a surge of over 30% in the past two weeks, attributed to the ongoing Russia-Ukraine conflict. Despite no reported issues with supply, the anxiety surrounding the conflict has led to a decrease in supply to the market. Turkey, a net importer of crude sunflower oil, faces challenges in balance due to its heavy dependence on Russia and Ukraine for vegetable oil imports. Nonetheless, the country managed to achieve a record in the export of refined sunflower oil packages. The article also discusses the potential of export restrictions to stabilize markets during crises, as seen in the Eurasian Economic Union's example. Turkish President Erdogan and the Minister of Treasury and Finance, Nureddin Nebati, have addressed the concerns, assuring the public that the country has ample sunflower oil supplies until July.

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Original content

KAAN RICH | ISTANBUL The war between Russia and Ukraine was reflected as a price hike in the sunflower oil label. Prices have increased by more than 30 percent in the last 2 weeks. While the sector representatives state that there is no problem on the supply side, companies and markets that import due to the war anxiety state that they refrain from supplying goods to the market. However, this does not change the fact that Turkey is a net importer of crude sunflower oil. According to TUIK figures, Turkey imported 820,000 tons of "crude sunflower oil" last year. He paid 1 billion 94 million dollars for this. Our biggest import market is Russia and Ukraine. Our total vegetable oil import was recorded as 3 billion 77 million dollars. On the other hand, we broke a record in the export of refined (packaged products). In short, we imported 820 thousand tons of crude sunflower oil, processed it in industrial facilities, and exported 470 thousand tons in packages. Turkey has an annual ...

Source: Turkiyegazetesi