Turkey raised import duty on sunoil

16.05.2017

In order to support local crushers, Turkey’s government raised the sunoil import duty from USD 360/MT to USD 396/MT. This adjustment is effective since April 29, 2017. Analysts do not rule out that this rate may be revised upwards again, reports UkrAgroConsult.

Please note that before this decision was made, in March 2017, Turkish crushers contracted 157 KMT of sunseed. Overall, domestic sunseed crushing in Turkey reached 500 KMT in the past four months, resulting in higher-than-expected output of sunoil and meal.

Turkey was expected to import 0.34 MMT of sunoil in April-September 2017 against 0.3 MMT at the same time last year. However, in view of the adopted duty policy changes,   the sunoil import estimate for Turkey will most likely be cut.

Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the V International Conference “Black Sea Oil Trade”, which will take place on September 19, 2017 in Hilton hotel, Kiev, Ukraine.

 

UkrAgroConsult

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