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Turkish food industry: Can it benefit from Brexit?

The historic exit of the United Kingdom from the European Union has cast uncertainty over the nation’s food supplies in the near future. A new report from Turkey’s Egeli & Co. Financial Services Group suggests that Brexit has opened up the UK’s food market for Turkish producers.
 
The new report, spearheaded by Egeli & Co’s Asset Management Research Strategy Director, G├╝ldem Atabay Sanli, examines the effects of Brexit on the UK, EU and Turkey’s agricultural and food sectors.
 

The state of Britain post-Brexit

According to this report, the EU provides 70% of its food exports to the United Kingdom. Now that the UK has decided to leave the world’s biggest free trade market, food prices are expected to rise while sales volumes drop. 
 
England alone is home to over 65 million people. At present, the country’s agricultural sector can provide enough food for two thirds of the population including attendant fishing industries. Given the fact that the UK also includes Wales, Scotland and Northern Ireland, food imports are vital.
 
A growing demand for organic produce is sweeping across the United Kingdom too. Egeli & Co’s report suggests this increasing desire for health foods will further influence the levels of imported food needed to sustain the UK.
 

Where does Turkey’s food & drink sector come in?

Given the import volumes of key food commodities needed by the United Kingdom, Turkey is well placed to capitalise on any shortfalls created in the wake of Brexit. High tariffs are currently hindering UK imports of fruit and vegetables, for example. Egeli & Co’s research suggests that as the United Kingdom negotiates with the EU, Turkey should also act quickly to take advantage of any breaks in relations and negotiate better tariffs for its food exports.
 
Turkey currently exports a variety of food products to the UK, including fresh and dried fruits, nuts, and frozen and canned vegetables. 15% of Britain’s imported fresh and dried grapes are sourced from Turkish producers. 2.5% of the UK’s citrus fruit is also imported from Turkey.
 
Egeli & Co also highlighted how improvements in the packing and labelling of Turkish food products will improve their chances in the UK market.
 
Turkish producers are already picking up the slack in a decline in cherry production amongst some major EU member states. Can Turkey’s food and drink industry respond similarly to the UK’s predicted shortages post-Brexit?
 
Brexit may have caused uncertainty over Europe, the report concludes, but for Turkey a golden opportunity has presented itself. Food and drink producers will have to act fast to make the most of the opportunities available in the UK in a post-Brexit world.
 
Source: www.freshplaza.com 
 
Image: Zol m via Flickr


 

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