Türkiye introduces 1 million-ton corn import quota to stabilize supply, prices
During this period, a reduced customs duty of 5% will apply to corn imports, with individual shipments capped at 8,000 tons.
TÜRKIYE – Türkiye has introduced a 1 million-ton import quota effective until June 30, 2025, in a strategic move to secure corn supply and stabilize domestic prices.
During this period, a reduced customs duty of 5% will apply to corn imports, with individual shipments capped at 8,000 tons and a mandatory seven-day interval between successive imports.
Post-June 30, the import tariff will revert to its standard rate of 130% to protect local producers during the harvest season.
This policy adjustment comes in response to a projected decline in domestic corn production. The Turkish Statistical Institute (TurkStat) forecasts a 5.6% decrease in corn output for 2024, aligning with an overall 5.4% reduction in grain production, bringing the total to approximately 39.9 million tons.
The anticipated drop is attributed to a significant contraction in harvested area, expected to decrease from 650,000 hectares in 2023 to 560,000 hectares in 2024, as farmers shift focus to other crops such as cotton, sugar beets, and potatoes.
The Ministry of Trade, in collaboration with the Ministry of Agriculture and Forestry, aims to mitigate potential supply shortages and curb speculative pricing through this import quota.
By ensuring a steady influx of corn, essential for animal feed and various food products, the government seeks to maintain market stability and meet domestic demand.
This initiative mirrors a previous measure from October 2024, where the government temporarily reduced the import tariff from 130% to 5% for 1 million tons of corn to stabilize domestic prices.
Market analysts anticipate that this import quota will influence global corn trade dynamics, potentially affecting prices and export strategies of major corn-producing nations.
The policy is also expected to impact domestic stakeholders, including farmers, feed producers, and food manufacturers, by providing a structured framework for corn imports during the specified period.
However, the statement noted that the Ministry of Trade and the Ministry of Agriculture and Forestry will continue to monitor market conditions closely, ready to implement additional measures if necessary to maintain the balance between supply and demand in the corn market.
Sign up to HERE receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
