- Exports in November were ahead of expectations at 9,425 tons compared to 9,931 tons last year a decrease of 5%.
- Year to date exports are 34,767 tons compared to 39,406 tons last year, a decrease of 11 %
Exports were surprisingly strong in November to reach within 5% of last years total . It looks as if the prices have not yet reached the level needed to curb demand to match the 30% reduction in supply this year.
Prices are steady in Lira terms, at the TMO support price. $ prices have increased as the Lira strengthened some 8% from 8.50 at the beginning of November to around 7.83 today.
Since the Finance Minister and head of the Central Bank were replaced in November, the base interest rates have been increased by 5%. This has strengthened and stabilised the currency. More interest rate hikes are expected to defend the current exchange rate if necessary in line with the new finance teams policies.
Demand is steady, a lot of buyers have covered the first half of the season, and are expected to cover up to new crop in the coming weeks.