The Trade Ministry announced on Thursday a change to the regulation for corn imports that would be implemented until the end of the year to ensure the supply-demand balance amid adverse climate conditions and regional and global developments, which it said 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 said.
"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 allow imports of 1 million metric tons of corn at a tariff rate of 5% until the end of the year, it said.
In a statement, the ministry said that they awarded the import quota to secure the supply-demand balance in corn since domestic production is insufficient to meet consumption.
The ministry also said that the current 130% tariff will be imposed on corn imports once they exceed 1 million tons.
