Photo: AFP/Anadolu Agency/Davut Genc
Eurasia
16/01/2024 07:00
In terms of value, exports declined by 9 percent compared with 2022, while the increase in volume was 7 percent.
Europe was once again the largest export market for the Turkish hazelnut.
The province of Trabzon on the Black Sea coast accounted for 28 percent of all hazelnuts exported last year. Shipments from the city to foreign countries amounted to 82,392 tons, generating $531 million in revenues. But the city’s export revenues were down 4 percent from the previous year.
Orders from the main markets, especially from Europe, declined due to elevated inflation, said Sebahattin Arslantürk from the Eastern Black Sea Exporters’ Association.
“Apart from the weak foreign demand, higher energy and labor costs, problems with accessing loans, impacted hazelnut exporters,” he said, adding that despite all those global and local challenges, companies showed a strong performance.
They anticipate a partial recovery in the European markets this year, and buyers will continue to act very cautiously, Arslantürk said. “The expected recovery can only be felt in the second half of 2024.”
Arslantürk also voiced concern over low productivity, saying, “Although production is carried out on an area of 750,000 hectares, the yield amount is below 700,000 tons. The average production is 85 kilograms per decare… We are the country with the most inefficient production in the world.”
Considering the adverse impacts of global warming, if work is not carried out to improve the current situation, the sector will suffer large losses, according to Arslantürk.
Sri Lanka is the only country in the Asia region currently engaged in discussions with US officials to renegotiate tariffs imposed under US President Donald Trump’s administration, according to deputy economic minister.
China confirmed on Friday details on the framework of a trade deal with the United States, saying Washington would lift "restrictive measures" while Beijing would review and approve items under export controls.
China is willing to maintain economic and trade exchanges with the United States based on equality, mutual respect and mutual benefit to deliver benefits to both countries and the world, Vice Minister of Finance Liao Min said, according to a statement released by the ministry on Friday.