Market Info

Dried Fruits – Turkey

Friday, October 28th. 2011

Our Dried Fruit Supplier in Izmir reports :

ECONOMY

During these past two weeks, currencies have fluctuated as a seesaw, which is not exactly what traders like best. Our currency dropped to 1.926 against the us dollar... As from Wednesday, the Turkish Central Bank (TCB) has increased all banks’ reserve requirements to prevent inflation and revalue the T. Lira. Turkey’s exports increased by 21% whilst imports increased by 35% for the same period (Jan – Sep 2011) increasing the balance deficit to 10.4 billion USD! A liquidity squeeze may be at the door, interest rates asked by some  banks is at high as 20% per annum ( in T. Lira) whereas early October,  the rate was ranging between 12 – 14 %. Interest rates in dollar range between 5 and 7.5 %. Since two days, the Us dollar is changing hand at around  1.75 TRL

SULTANAS

Shipments last week were 10 % higher than last year at the same date: 53 498 tons vs. 48 869 last year. All Packers plants are working in full capacity.The crop can be now considered safely in store. Only in a small district some fruit is still unpicked and will be good for either table market or distilleries. Some farmers are still trying to salvage some 3000 tons left drying but that looks like mission impossible with 4C at night and a serious morning dew. Usually time passing by,  large crops seems to get bigger whereas small ones diminish!  will it be true this season ? On the Izmir Bourse, daily arrivals are lately smaller,  turnover range between 3-400 ts and farmers may sell some volume until the Kurban holiday next week, but then arrivals could slow. Prices have increased heavily. nr 9  changed hand yesterday at  3.75 tl/kg . As a consequence of the TCB’s intervention and effect on currency Turkish Sultana No 9 should be quoted by A one shippers above 2400 usd. Unless one speculates or has cheaper stocks in hand  etc...

RAISINS

Few lots in growers hand. Prices also increased lately, still below California levels though. Quality is excellent.

APRICOTS 

Strong export demand for big sizes fruits,  prices of smaller sizes (No 4 and smaller ) remain stable. We estimate export sales to be higher than last year as well as shipments. Here again, the volatility of the exchange rate has all of a sudden increased raw material prices in USD. Speculators in Malatya are sitting on large amount of stock.

FIGS

Strong sales and shipments as it is usual for Christmas trade. Quality and organoleptic characteristics are particularly good this season.

We`ll keep you posted !

Very best regards,