Dried apricots, market update
Mundus Agri. After heavy earthquakes shook Malatya in Turkey in recent weeks, the market for dried apricots is trying to return to normality. Challenges, however, prevail.
Massive destruction
In recent weeks, the earthquakes that struck Malataya, Turkey's leading province for dried apricots, have caused huge destruction. Nearly all buildings have either been completely destroyed or damaged and the infrastructure has nearly collapsed. Official estimates state that more than 100,000 buildings have been heavily damaged, and nearly 600,000 people and their families have had to seek shelter. Yet, the citizens living here are trying their best to return to normality.
Although trading halted after the most recent heavy earthquake struck on 27 February, market activities have picked up again this week. However, the labor shortage is the main reason the business is slow to resume. Another issue is that many warehouse have collapsed and the damages still need to be assessed. Although local prices are still fixed, this may change soon.
TMO opts to buy
Malatya Commodity Exchange has struck a defiant note. Although they are confident that "in our organized industrial zones in Malatya, wheels have started to turn again," he also highlights that returning to normality will take time as the exchange is presently working at 30% of its capacity and the "biggest problem is the destruction of retail business." Temporary bazars are being set up as quickly as possible with the intention of restoring order, which will help commercial activities and social life to resume and bring back the people who have migrated to other parts of Turkey. Last week the TMO, in addition, announced that it would buy all products without any quotas in place in the areas where the earthquakes have struck to mitigate any economic disadvantages.
