Rice export prices dropped 1-3 percent from the previous week as the weakening of the Thai baht and the new crop MY 2024/25 paddy rice entered the market.
Amid economic headwinds, Turkiye's retail food sector continues to grow, fueled by a young population of 85 million and a rising middle class. The sector is predominantly made up of domestic discount chains, and most of the food on store shelves is produced locally. Only 4-5 percent of the nearly $75 billion in annual grocery sales are made up of imported consumer-oriented food items. The United States was the largest foreign supplier of consumer-oriented products last year, of which tree nuts was the leading category. U.S. walnuts, almonds, cranberries, dates, and wine are among the products with the highest sales potential. U.S. products face tough competition from EU countries that enjoy preferential access under a Customs Union and lower freight costs.
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