The Trade Ministry introduced on Thursday a change to the regulation for corn imports that may be carried out till the top of the yr to make sure the supply-demand steadiness amid hostile local weather circumstances and regional and international developments, which it stated affected the 2024 crop.
“A significant decrease is expected in the 2024 corn crop both in our country and in the world due to the effects of adverse climate conditions as well as regional and global developments, and the issue is being closely monitored by our Ministry of Trade in consultation with the Ministry of Agriculture and Forestry,” it stated.
“In this regard, to prevent the effects that may be reflected on food prices due to the supply problems that may occur in the domestic market, a new regulation valid until the end of the year has been made,” it added.
Thus, Türkiye will enable imports of 1 million metric tons of corn at a tariff fee of 5% till the top of the yr, it stated.
In an announcement, the ministry stated that they awarded the import quota to safe the supply-demand steadiness in corn since home manufacturing is inadequate to satisfy consumption.
The ministry additionally stated that the present 130% tariff will probably be imposed on corn imports as soon as they exceed 1 million tons.
Source: www.dailysabah.com