Since June 1, the duties on the import of sunflower seeds and sunflower oil in Türkiye rose from zero to 27% and 36%, respectively. This is reported by AgriCensus. This measure is aimed to protect local agricultural producers from the influx of cheap imported raw materials on the eve of the new harvest.
Analysts at the U.S. Department of Agriculture (USDA) predict the gross harvest of Turkish sunflowers this season will increase to 1.9 million tons (+8.6% for the year), one of the highest values for the country in the last 10 years. For 2023/24 MY, preliminary estimates are at 1.75 million tons.
“Given the new tariffs coming into effect and the start of Türkiye’s harvest, it is reasonable to expect a marked slowdown in imports to the region,” Yilmaz Çakabey Aytug of brokerage and consulting firm Naragro said the day before.
“Türkiye has previously practiced raising duties to reduce imports, but due to high inflation in recent years, the government has been forced to reduce duties and even zero them out,” said Onat Angi, head of SOLVENTUM AS.
It is worth recalling that before the zero duty, sunflower oil was imported at a tariff of 10% (at a reference price of $2,500 per ton) and oilseeds at 5%.
Source: Oleoscope
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