- November 6, 2022
- Posted by: Legend Consultancy
Turkey temporarily halts exports from third countries
03.17.2022By Susan Reidy
ANKARA, TURKEY — Turkey has temporarily banned exports sourced from third countries to stabilize local market conditions and keep prices from increasing further, according to a report from the US Department of Agriculture’s Foreign Agricultural Service (FAS).
Turkey has stopped exports of grains, oilseeds, cooking oil and other agricultural commodities that are being held in bonded warehouses at Turkish seaports. The Ministry of Agriculture & Forest also stopped direct exports of cooking oil, bulk olive oil shipments, margarine, red lentils and dry beans.
The exact volume of the restricted products originally sourced from third countries is unknown, FAS said, but is considered sizeable for the government to intervene and stop exports.
Turkish traders use bonded warehouses at major seaports to store grain, oilseeds and other agricultural products sourced from third countries.
“Traders decide whether to sell these commodities to buyers in Turkey or ship the product to third markets, depending on offered prices in these respective locations,” FAS said.
Food inflation is running high and there is growing concern about disruptions to domestic supply chains from the war in Ukraine. Turkey is heavily dependent on grain, oilseeds and sunflower oil from Ukraine and Russia.
“The government expects these latest export restrictions as well as the zeroing out of import duties on certain commodities will take the edge of rising food inflation,” FAS said.