Fluctuation of Turkish Lira

Autor Aleksandra Konarska
Tiempo de lectura 6 minut
Fecha de publicación 19 enero 2021

The fluctuating value of the Lira currency has increased input costs and forced some Turkish farmers into bankruptcy, as many of them trade their expenses in EUR and dollars.

 

Rising dairy production

In Turkey, the number of collected cow’s milk has risen by 3.8% comparing the period of January-November 2019/2020 and so did the production of most dairy products. The supply of cream rose by 7.5%, WMP 8.7%, and butter by 5.9%. Even though those numbers are higher, the export dropped dramatically.

Export of Turkish dairy products

The exports of butter and other fats dropped by 88.3% on a YOY basis (Comparing January-November 2019/2020). Also, the amount of exported SMP plunged by 57.6% from 40 thousand MT to 17 thousand. A significant slump was also noted in cream – the numbers were lower by more than 60%.

The only category that was in green was whey – in here, exports were 11% higher.

The case of import

In the period of January-October 2020 Turkey imported 4 366 MT of butter from EU. Mainly from Ireland (2 517) and the Netherlands (878). Still, the amount will most likely be lower than in 2019 where the number of imported butter was 9830 tonnes. The main exporters were Ireland (5124), the Netherlands (2012), Belgium (1155), and Poland (846).

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