Collapse of Turkish lira hits hard at mart trade for weanlings

Marts around Galway have again this week reported a far quieter trade, especially for plainer weanlings , in the continuing absence of the export boats sailing to Turkey.

Since the start of the year, a collapse in the Turkish economy has seen their currency being devalued by around 40%, making the import of Irish weanlings a completely non-viable proposition for that market.

Loughrea Mart Manager, Jimmy Cooney, said that the loss of the exporters was being sorely felt across the weanling trade so far this year, but in particular for the plainer stock.

“Like a lot of other marts across the West of Ireland, we would normally at this time of year, be seeing 40 to 50 weanlings being bought up at each sale for the export market, but this is not happening this year. This is a trend that’s being replicated in marts across the West of Ireland.

“It is a completely outside influence that we can do very little about, but the exporters played a vital role in the trade in previous years, so they really are being missed,” said Jimmy Cooney.

He said that there would have to be some obvious concerns for the lighter cattle trade in the New Year although he stressed that good quality animals ‘across the board’ were still doing well.

“The devaluation of the lira in Italy simply means that the customers who would normally be taking in Irish weanlings, simply do not have the buying power this year to do so.

For more, read this week’s Connacht Tribune.

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