The Turkish Grain Board Сontinues To Intervene In The Turkish Corn Market May 12, 2017
The Turkish Grain Board (TMO has been given authorization by the Government of Turkey (GOT) to import 500,000 MT of corn duty free until December 31, 2017. This is in addition to the 120,000 MT of corn TMO purchased through two international import tenders in April 2017 in order to meet corn demand in Turkey. There are no import duties applied to the purchases.
Turkish Grain Board to Import Additional 500,000 MT of Corn
The Turkish Grain Board (TMO) continues to intervene in the Turkish corn market in marketing year (MY) 2016/17. TMO, as a state intervention agency, purchased roughly 120,000 MT of corn through two international import tenders in April 2017 in order to meet corn demand in Turkey. After 77,000 MT of corn for feed usage was purchased duty free through a tender on April 19, 2017, TMO also completed another corn import tender on April 25, 2017. TMO purchased about 44,000 MT of corn to be sourced from the European Union (36,000 MT) and Moldova (8,000 MT) in the tender. The average tender price was 718 TL/MT, roughly US$205/MT (USD= 3.55TL).
Low corn stocks in the private sector and strong demand from feed and starch producers encouraged TMO to import corn in order to meet the corn demand and stop price increases. TMO is expected to issue a new import tender for corn in May. A Cabinet of Ministers Decision published in the Official Gazette on May 11, 2017 authorizes the Turkish Grain Board (TMO) to import up to 500,000 corn at a zero customs duty valid until December 31, 2017.
ARTICLE 1 –(1) In scope of the “Decision concerning import quota and tariff allocation management”put into effect by the Cabinet of Ministers decision on 04/14/2010 and numbered 2010/339; the table below with HS Code and commodity indicate the tariff allocation amounts assigned to TMO General Directorate.
Customs Tax (%)
Validity of Authorization
ARTICLE 2 –(1) Tax percentage will apply for imports conducted within the scopeof tariff quota stated first article of this decision. Imports apart from these will be subject to the customs tax within the scope of import regime decision for subject commodity.
ARTICLE 3 –1.Import licenses will be issues by the Ministry of Economy (Imports GD) for importsconducted within the scope of this decision.
- 2.The import licenses issued within this decision will be valid until 12/31/2017.
- 3.The free entry declarations for commodity imported within the scope of this decision must be approved within the validity of the issued import license.
- 4.Import licenses cannot be transferred to third parties.