Turkiye 10/02/2022
Exports could be cut to fight inflation
In Turkiye food prices are rising. In an attempt to reduce this inflation, the volume of exports of 20 agricultural products could be reduced.
According to the Foreign Agricultural Service (FAS) of the USDA's Global Information Network (GAIN), the Turkish government issued a new regulation on 27 January 2022. This regulation gives the MinAF, the Turkish Ministry of Agriculture and Forestry, the power to restrict the export of 20 agricultural products in order to reduce domestic food inflation.
These 20 agricultural products are: potatoes, tomatoes, onions, garlic, apples, cucumbers, beans, olives, aubergines, green peppers, lentils, oranges, mandarins, lemons, watermelons, olive oil, poultry meat, eggs and butter.
For the time being, MinAF, the Turkish Ministry of Agriculture and Forestry, has not restricted exports of these 20 products. But it may decide to do so in the future depending on the domestic production and the time of the year.
In Turkiye inflation rose to 48.69% in January, its highest level in 20 years. Consumer prices jumped 11.1% from the previous month, TUIK (Turkish Statistical Institute) said, with food and drink prices jumping 55.6% year-on-year. According to financial analysts, inflation is expected to persist for most of 2022 and end up at around 33% for the year.
source : dailysabah.com, reuters.com, apps.fas.usda.gov