Turkey's Maize Starch Export in July 2023 Sees Slight Increase to $8.3M

Turkey

Maize starch exports from Turkey reached 17K tons in July 2023, showing a 7.4% surge compared to the previous month. The overall trend displayed a notable increase, with the most significant growth occurring in March 2023, reaching a 65% month-to-month increase and peaking at 23K tons. However, from April to July 2023, export growth remained relatively lower. In terms of value, maize starch exports from Turkey slightly expanded to $8.3M in July 2023, according to IndexBox estimates. Overall, total exports showed a pronounced expansion from July 2022 to July 2023, with an average monthly growth rate of +4.1% over the past year. Nevertheless, there were noticeable fluctuations throughout the analyzed period, with a substantial increase of 15.2% compared to April 2023. March 2023 experienced the most prominent growth rate of 65% from the previous month, resulting in exports reaching a peak value of $13M. From April to July 2023, export growth remained modest. Nigeria was the largest destination for Turkey's maize starch exports, accounting for a 22% share of total exports, exceeding the volume sent to the United States, the second major destination, by two-fold. The Syrian Arab Republic ranked third in terms of total exports with a 3.4% share. Notably, exports to Nigeria demonstrated a significant average monthly growth rate of +17.1% from July 2022 to July 2023, while exports to the United States experienced a 6.0% monthly growth rate and exports to the Syrian Arab Republic declined by 1.6% per month. In value terms, Nigeria, the United States, and the Syrian Arab Republic were the largest markets for Turkish maize starch exports, together accounting for 36% of total exports. Nigeria experienced the highest growth rate in export value with a CAGR of +18.6%, while other major export destinations displayed mixed trend patterns. The export price of maize starch in July 2023 amounted to $484 per ton (FOB, Turkey), indicating a 4.9% decrease compared to the previous month. The overall export price demonstrated a noticeable reduction, with the most rapid growth seen in January 2023, reaching a 2.4% month-to-month increase. Although the export price peaked at $658 per ton in August 2022, it remained at a lower figure from September 2022 to July 2023. Significant differences were observed in average prices for major external markets. The United States had the highest price at $619 per ton, while the Syrian Arab Republic had one of the lowest average prices at $398 per ton. From July 2022 to July 2023, the most notable price growth was recorded for supplies to Nigeria (+1.2%), while prices for other major destinations experienced a decline.

Source: IndexBox Market Intelligence Platform

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