Does the export ban on butter balance supply and price

The General Directorate of Food and Control of the Ministry of Agriculture and Forestry decided to restrict the export of butter with a letter sent to 81 provincial directorates.

The reason for the decision that will be valid as of April 18, 2022 is the following: "It has been deemed appropriate to restrict the export of butter under the title of Customs Tariff Statistics Position (HS code) 040510 until a new instruction in order to ensure the security of supply of national butter and maintain the balance of supply and demand." given.

According to TUIK (Turkish Stastical Office) data, Turkey exported 2,487 tons of butter worth 14.2 million dollars in 2021. In the first two months of this year, it seems to have exported 3,739 tons of butter worth 19.5 million dollars. In other words, exports in the first two months of this year seem to be higher than the whole of last year in terms of both value and quantity.

Source : Bloomberg

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