Turkey. Sunflower seed import duty in force

Over the last three seasons, sunflower seed crushing has grown in Turkey, owing to an increase in production and imports of raw materials. In the 2018/19 season all these indicators reached their highs, reports UkrAgroConsult.

In order to protect local sunflower seed producers, Turkey actively applies state regulation through temporary introduction of import duties on imports of raw materials. This issue becomes especially relevant in the first half of a season, when sunflower seed supply in the domestic market grows, prices fall and commodities of local farmers become non-competitive.

Over the past three seasons, the structure of sunflower seed imports has changed. A diversification, caused by an increase in supply from the Black Sea countries is seen. Moldova remains the key supplier of sunflower seed. Romania and Russia have considerable share in season 2018/19. The share of Ukraine has remained insignificant and varied within the range of 1-4%.

Turkish government decided to raise sunflower seed import duties from 20% to 27% until February 01, 2020. Thus, the increased duties will be in force during the first half of the 2019/20 season. Previously, the duty was raised from 13% to 20% until January 31, 2020.

Given the crop reduction, the domestic demand will require import purchases, which will remain at the previous season’s level and even increase slightly.

Full version of the article is available to subscribers for Online Analytics “Black Sea Vegoils” in the new innovative platform AgriSupp.com by UkrAgroConsult. Agrisupp is a reliable analytical tool for agri market participants that contains historical and current market data, daily updates on grain, oilseed and pulses markets. We offer 2-week trial! Completely free!

Please be reminded that on September 5, UkrAgroConsult will host a major meeting point of the oilseed industry operators – the 7th International Conference “Black Sea Oil Trade-2019” in Hilton, Kyiv, Ukraine.

‘Black Sea Oil Trade’ conference annually brings together key players of the global agribusiness at the start of a new oilseed season. The goal of the conference is to discuss prospects and directions of the Black Sea and global oilseed market development, exchange international contacts, share recommendations for adapting business strategies in the changing market and global trade.

More than 250 delegates from 25+ countries attend the conference annually. Conference participants are represented by producers and crushers of oilseeds, traders, enterprises for deep processing of vegoils, investment companies, banks, legal, shipping, brokerage, insurance, surveyor and other companies.

UkrAgroConsult