Turkey raises import duties on sunseed and sunflower oil

Starting from June 1, duties on imports of sunflower seeds and sunflower oil into Turkey increased from zero to 27% and 36%, respectively. The measure is aimed at protecting local farmers from the influx of cheap imported raw materials ahead of the new harvest, AgriCensus reports.

According to the forecasts of the US Department of Agriculture (USDA), the gross harvest of Turkish sunseed in the current season will increase to 1.9 mln tonnes (+8.6% y/y), which is one of the highest values for the country in the last 10 years. In 2023/24 MY, the preliminary estimates are at 1.75 mln tonnes.

“Given the entry into force of the new tariffs and the beginning of the harvest in Turkey, it is reasonable to expect a noticeable slowdown in imports to the region,” said Yilmaz Çakabey Aytug, the representative of the brokerage and consulting company Naragro.

“Turkey 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,” said Onat Angi, CEO of SOLVENTUM AS.

It is worth recalling that before the zero duty was set, sunflower oil was imported at an import tariff of 10% (at the reference price of $2500/t), and oilseeds – at 5%.

Tags: sunflower oil, Turkey, sunseed, duties