According to the Turkish Ministry of Trade, the decision is intended to provide local sunflower oil producers with more affordable raw materials amid growing risks to supplies. The ministry cites problems in the Black Sea region and drought in Europe as key factors.
Under current regulations, Turkey imposes a 20% tariff on sunflower seed imports during the harvest season to support domestic producers. The rate is typically reduced to 12% from November 30 to June 15, but this season the reduced rate will take effect as early as the beginning of October.
The early reduction in the tariff should make it easier for Turkish processors to purchase imported sunflower seeds and help keep production costs in check. Turkish authorities also hope to prevent an increase in consumer prices for refined sunflower oil.
Turkey’s decision could boost demand for imported sunflower seeds as early as the start of the new season, particularly from countries in the Black Sea region. The tariff reduction coincides with the period when the new harvest is actively entering the market, making raw material imports more attractive to Turkish processors, according to Marketscreener.
Logos Press Note : Turkey has traditionally been among the top five largest buyers of Moldovan sunflower seeds; during certain periods of the season, it leads this ranking or holds second or third place.
Follow our updates
Have information for the newsroom? Share it with Logos-Press
Comments
0No comments yet. You can start the conversation.
Comments are open to readers with a Logos Press account.
Sign in to comment