Temporary ban on wheat imports by Turkey will not negatively affect its markets

Turkey’s suspension of wheat imports for 3.5 months will not have a negative impact on local markets. This is reported by Ekonomim, a newspaper of Turkish business circles, citing sources in government circles.

The Turkish Ministry of Agriculture said earlier that it suspends wheat imports from June 21 to October 15 to support local producers and due to the expectation of lower grain prices. As the ministry noted, the domestic production regime and subsidized domestic purchases will be introduced during this time.

He noted that Turkey is one of the most important buyers of Russian wheat, importing an average of 8-9 million tons of grain from rf annually. “Naturally, the ban on wheat imports will affect russia and our second largest import market, Ukraine,” he wrote. He said russia and Ukraine, which are at war, play an important role in global wheat production and exports. “Any development in these two countries affects world markets. Therefore, they should be closely monitored,” the author of the publication emphasized.

Yıldırım noted that the volume of wheat production in Ukraine, which amounted to about 22 million tons last year, will drop to 20 million tons this year. Accordingly, the total volume of its exports will fall – from 16 million in the 2023-2024 collection season to 13 million tons in the 2024-2025 season, the expert said with reference to the forecasts of the Ukrainian side.

Earlier it was reported that wheat production in Turkey will amount to 21 million tons, which is 4.5% less than in 2023.

Tags: Russia, export, grain, restrictions, Turkey, Ukraine