In a recent proclamation published in the official gazette, the Turkish government, through the President’s decision, has stirred the pot by announcing a 15 percent customs duty on both shelled and unshelled walnuts and almonds from all countries, with the exception of Bosnia-Herzegovina.
Turkish Tariffs Tango – A Historical Peek
Delving into the past, before the year 2021, the import duty landscape looked different. Almonds, with their peel, bore a 4 percent duty, while those without peel carried a 2 percent duty from 2021. The scenario was distinct earlier, with a flat 15 percent import duty on both walnuts and almonds. Additional duties were also part of the pre-2021 narrative.
New Rates, New Realities: Adjustments in AFR
The Adjustment Factor Rate (AFR), a pivotal metric, witnessed significant adjustments. Walnuts, previously subjected to an AFR of $0,307 per kg, now face an uptick to $0,406 per kg. Similarly, shell-less walnuts experience a substantial leap from $0,573 per kg to $1,099 per kg. Almonds, too, see a shift from $0,452 per kg to $0,580 per kg, and from $0,307 per kg to $0,416 per kg, marking a new chapter in tariff dynamics.
Exceptions for UAE-Origin Walnuts and Almonds
Notably, the decree carves out exceptions, levying a 2 percent customs duty on walnuts originating from the UAE and a 4 percent duty on almonds from the same source. The move reflects a nuanced approach in regional trade relations.
In a strategic maneuver, Türkiye responded by imposing an additional 10 percent customs duty on American almonds and walnuts. With a combined import duty of 25 percent, the import cost surges to $3,50 or €3,24 per kilogram. Almonds follow suit, with an import cost rising to $4,40 or €4,07 per kilogram, while walnuts command a steep $6,90 or €6,38 per kilogram. This nuanced adjustment reflects the evolving dynamics of nut tariffs, now translated into a more accessible unit of measurement.
Türkiye’s decision to reconfigure import duties on walnuts and almonds signals a shift in the nut market dynamics. The nuanced approach with regional exceptions and retaliatory measures showcases a calculated strategy. As import costs adjust, market players will need to recalibrate their strategies.
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