Hazelnuts: costs get out of hand

January 10, 2024 at 12:03 PM , Der AUDITOR
Play report as audio

ORDU. Exporters in Turkey have abandoned all hopes of being able to compete as the prices for hazelnuts have skyrocketed to new highs. Drivers are unrealistic expectations prompted by Ferrero along with the hike in minimum wages.

Ferrero adds fuel to fire

As of 01 January, the minimum wage rose by a staggering 49% to TRY 17,002 per month (EUR 520, USD 567) as compared with the last rise in June 2023. Designed to help people cope with the cost-of-living crisis the move will certainly appeal to voters ahead of the nationwide local elections at the end of March 2024. Yet, the increase will add to the country’s soaring inflation. Last year, the Turkish lira depreciated 35% against the dollar and the central bank has increased the key interest rate seven times in a row to 42.5% in recent mo

View related articles

Go to the News Overview
Nuts
Feb 10, 2025
NEW DELHI/BRASÍLIA. In India, prices have fallen again slightly after last week's rise, and suppliers currently have little hope of an improvement. In Brazil, the weather is proving to be decisive for the new crop.
Nuts
Feb 6, 2025
ORDU. Exporters have responded to the TMO sales for hazelnuts. Prices are not quite what the market expected and the TMO has been accused of opening the doors to a monopoly. Exports are impressive, despite prices being remarkably high.
Nuts
Feb 5, 2025
MANILA. Limited infrastructure and inefficiency are delaying freight handling in the Philippine capital and driving up costs. The Philippines is not directly affected by the US tariffs.
Nuts
Feb 4, 2025
AYDIN/BRUSSELS. Turkey recorded an increase in production in 2024 compared to the previous year, with Aydin being the most important growing region for chestnuts. However, the EU imported significantly less than in 2023.