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Turkey is feeling strongly about the weight of the Russian occupation of Ukraine. One month after the start of the war there, wheat exports to Turkey have dropped significantly.
In fact, Moscow’s aggression against the neighboring country has significantly reduced almost all food exports from the Black Sea. “We need to import approximately 10 million tons of high quality wheat. I do not know if Russia has so much supply, as they have imposed controls on exports. Ukraine was also Turkey’s number one market for cereals and sunflower seeds. “Of course, Turkey can buy from other markets, but they are further away, which means higher transportation costs, and most importantly in these countries it costs more,” Atilla Yesilada, an economics expert, told VOA. Turkey is already paying a high price for grain imports.
“The Turkish grain board had imported wheat last June for 262 US dollars per ton, but last week the price reached 456 dollars, so at least double the price. Thus in Turkey the consequences will be high, as it relies on agricultural imports. “Other factors include rising food prices due to the war in Ukraine and the obligation to pay in foreign currency,” said Ali Akbar Yildirim, an analyst at Dunya newspaper.
The value of the Turkish currency fell last year and it continues to be under pressure. And while for wheat imports payments have to be made in dollars, inflation, which before the start of the war was more than 50%, now, experts say, will rise even more. The price of bread in Turkey has now almost doubled. Despite government subsidies for flour, the expectation is that prices will continue to rise.
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