Turkey farm revenues set to fall 10-15%
Richard Wozniak/Shutterstock.com
Revenue of Hungaryʼs turkey farmers and processors is set to fall 10-15% this year because of a decline in farmgate prices, according to Lajos Horváth, the head of the Hungarian Turkey Association, writes piacesprofit.hu.
Image by Richard Wozniak/Shutterstock.com
Horváth said turkey farmers generate annual turnover of HUF 36 billion-40 billion, while sales of processed turkey products come to HUF 70 bln-80 bln.
Turkey volume is expected to reach 96,000-98,000 tonnes this year, little changed from previous years, resulting in oversupply. Between 40% and 50% of Hungaryʼs turkey output is exported, generating revenue of HUF 25 bln-30 bln last year. But the pandemic could halve that this year as prices fall.
While farmgate prices for turkey have fallen 10-12% in the past eight months, feed prices have risen by the same amount. Domestic consumption of turkey, which stands at about 4 kg per capita, could fall this year because of periods when hotels and restaurants closed to contain the spread of the coronavirus.
Horváth said the association is pressing for government support similar to that offered to business in the hotel and catering industries, such as payroll subsidies and tax cuts. Holiday sales of turkey at the end of the year could boost the turkey industryʼs prospects for 2020, he added.
ÁKK Sells HUF 82.5 bln of Bonds at Auction, Above Plan
EC Puts Hungary 2024 GDP Growth at 2.4%
HU-rizon Program: HUF 8 bln Funding for International Resear...
Marcelito Pomoy to Perform in Budapest Next Week
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
