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Turkey expands export ban to maintain supply

export ban

Ankara, (Business News Report)|| Turkey announced the expansion of the export ban to maintain the supply of goods in the markets, in light of the shortage of some goods and the rise in prices due to the repercussions of the Russian-Ukrainian war.

Turkey is enforcing its export ban to limit price increases that affected various commodities in the wake of rising production costs due to energy price jumps following the outbreak of the Russian war in Ukraine at the end of last February.

The Ministry of Agriculture banned the export of butter and cream to a series of products whose export is prohibited, with the exception of some countries, including Turkish Cyprus, Palestine and Azerbaijan.

The ministry stated that the suspension of the export of these products came to avoid food security problems, especially before an expected increase in the number of tourists this season, and expectations of reduced supplies that may occur during the second half of this year, which affects the stock in the country.

The decision came after butter exports recorded an unprecedented jump during the first three months of this year to reach $34 million, while it did not exceed $608,000 during the same period last year.

Turkey is witnessing a shortage in the supply of some goods and sharp price jumps, with the annual inflation rate rising last March to 61.1%, according to figures from the Statistics Authority.

The restriction on the export of butter and cream, which began on Monday, comes after the decision of the General Customs Directorate of the Ministry of Trade, last month, to prevent the export of a number of goods and products.

Foremost of which are oils, grains, legumes and fodder, before it completely prevented the export of red meat to all foreign countries except for Cyprus, Turkey and Azerbaijan, following the rise in meat of all kinds in the Turkish market, after the decision of the Turkish Meat and Dairy Corporation, to raise the prices of all meat by 48%.

The Turkish economist, Muslim Uysal, underestimates the impact of banning many goods on the value of his country’s exports this year, saying that “the adequacy of the internal market and breaking the price sharpness is a priority over exports, and Turkey’s share of those exports is small.”

This year, Turkey is counting on the export sector recovering from the repercussions of the Coronavirus pandemic, especially after its exports grew last year by 32.9% compared to 2020, to reach about $225.4 billion.

Ankara had set a record during the first quarter of this year’s exports, after their value reached about $60.3 billion, an increase of 20.8%, according to the Turkish Exporters’ Assembly.

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