Economy - Turkey

Last week the Turkish central bank reduced interest rates by 0,5 %  Economist estimate that a further half percent could be reduced within the next 3 months by twice a quarter percent. The central bank has also allowed Local Banks to reduce their daily cash flow reserves allowing  them to open more credit to their customers. IMF discussions looks to be at a standstill. Some economists believe the Government is confident enough to try to get your of the present crisis without any help. Currencies:  A strong Turkish Lira…  today’s X rates :

1 EUR = 2.1980 TRL

1 USD = 1.4690 TRL

1 GBP = 2.4240 TRL

Our Dried Fruit Supplier in Izmir reports :

Sultanas / Raisins

Anyone who follows the sultanas market, has noticed an  ''irrational exuberance'' in Izmir sultanas prices. We are now coming down to more realistic levels. Although prices of Turkish sultanas are still the highest compared to other origins, export demand is at the door. Buyers cover their immediate needs as they expect/hope  to see prices ease in the future.  To date, some 45.000 tons have been shipped. On the Bourse, transactions are slow but regular . 200/300 tons change hand every day.  Genuine No 9 are sold around 2100.- usd/ton fobnet No 8 level varies between 1975/2025 usd. We hear of  speculative offers from  packers at lower levels. Not all shippers / exporters are ready to follow. We should not forget that the coop’s raw material buying price is fixed at 2.50 tl , growers can at any time deliver them their fruit.  So where do we go from here: Will Turkish exporters reduce their prices to Californian levels to stimulate sales ? How long can the final buyer not use Turkish fruit ? How stubborn can a grower be ? 

Apricots

The Anuga fair did not bring the stimulus some packers expected. We repeat that present prices, especially in US currency are attractive.  Export demand can be considered as regular and  main packers orders books are full up to December. By the end of September 19.400 tons were shipped: a slightly lower quantity than 2008 crop.

Dried Figs

Exports for 2 first weeks  are  13.260 tons , about 30% more than last year at an average 30% lower than 2008 crop…market here looks more stable but prices in USD have not changed because of the TRL being so strong.  

Currencies fluctuations, special lots on sale.. can allows us to submit special offers.

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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