Economy - Turkey

Currency :  Since a fortnight, the Turkish lira is fluctuating within narrow limits. one US$ varied between 1.52 tl and 1.48 tl. Inflation  during the month of August was reduced by 0.3 %against all expectations. estimates were as high as 0.2 %. We are still expecting an agreement with the IMF !?  Newspapers are rather discreet on the subject. the G'ment Budget as well as the balance of payments stand now on negative territory,  Electricity rates have been increased by 10% last week, what's next?

Our Dried Fruit Supplier in Izmir reports :

Sultanas

Harvesting is in full swing and abt.  75% of the crop has been secured indoors. Quality of the fruits is good.  Price wise, exuberance should be the title of the present film. A strong demand from Europe.   A short crop.  Some Packers short position.  Raki factories fresh fruit buying interest, heavy rains as well as local press’s bullish articles are the main factors for growers resistance to sell their product or ask for higher prices to do so.  today, nr 9 at the farm is paid an unimaginable level ranging between 1625.- and 1650.- usd  ex-field.  We expect these prices to increase in the near future fuelled by negative weather forecast.  On the Bourse between 150 and 400 tons have changed hands daily this week. A very limited quantity for this time of the year.

Apricots

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Export demand seems to be slightly lower than during last year at the same period. Prices are fluctuating within narrow limits and hold presently steady in all grades especially for high quality fruits. 2008 season exports dd. 31st august amount to : 96 525 M/t, divided as follows ; 83 875 M/t whole apricots,  5120 M/t  chopped  and  7529 M/t industrial.  Present prices seems to us very reasonable. Reports from Malatya mention a widening gap in quality. Fruit that has been rain touched carries a serious risk of fermentation and one needs to trade very carefully especially for chopped apricots.

Figs

 
Volume is good and exporters have started to buy  in order to produce for the first export date of the 28^th of September. After 2 seasons of average quality and limited volumes hopes were high for a return to normal in the figs crop... Little did we know that the return to normal meant the return of the rains.  We estimate that 60% of the crop is now secured indoor and some 30% is  still on the trees. The figs on the drying beds have been covered and will not be badly affected by the rains if the weather clears. We can offer all sizes and all traditional or non-traditional packaging.

Please feel free to contact us for firm quotations or additional info on the above items.

Friendly regards,

Mondial Int`l Agency Ltd.

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