Turkey introduces 130% duty on grain imports
Turkey is increasing the import duty on grain, including wheat, barley and corn, from 0% to 130% from May 1, according to the order of President Recep Erdogan, with the corresponding document published in the official government gazette TC Resmi Gazete.
The introduction of the duty is set to help stabilize food prices and is aimed at supporting livestock and agriculture. With this restriction, the government fulfills its promise to slow down inflation, which as of March was 50.5% year-on-year, reports the local publication Daily Sabbah.
"We will provide income to producers, security of supplies and plan to prevent fluctuations in food prices," the newspaper quoted Erdogan as saying.
Ukraine is one of the largest suppliers of grain to Turkey.
In the first quarter of 2023, Turkey was the largest exporter of Ukrainian wheat, supplied for $168.8 million, or 17.7% of all its exports, in particular in March for $70.9 million, or 20.5%, the Interfax-Ukraine news agency clarifies with reference to the data of the State Customs Service.
Ukraine imported barley to Turkey in the first quarter of 2023 for $52.7 million, or 42.1% of all exports of this crop, in particular, in March for $17.3 million, or 38.8%.
On April 19, the Turkish lira depreciated to its lowest level in recent history.