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Turkey has suspended olive oil exports following increased demand due to drought in Europe.
The Ministry of Trade announced that exports will be halted until November 1 due to the surge in foreign demand and the negative impact of world prices on domestic consumer prices.
The rapid increase in bulk and barrel olive oil exports has reflected on domestic prices, causing a significant rise in retail prices, surpassing the general price increase in the last year.
According to data from the International Olive Council, olive oil production worldwide, especially in Spain and Italy, decreased by 20% during the 2022/2023 season due to drought in Europe, while Turkey's production increased by 62%.
Import for export
The ministry stated that Turkey can export only a limited amount of packaged olive to EU member countries due to high customs duties imposed by the union. Particularly, Italy and Spain process the bulk and barrel olive oil they import from Turkey and re-export it to third countries.
A decision published in the Official Gazette on July 19, which introduces a 20 cent deduction per kilogram for all bulk and barrel olive oil exports, aims to redirect the increasing exports of bulk and barrel olive oil towards packaged olive oil, contributing to value-added product exports.
According to the state-run Anadolu Agency (AA), the ministry has sent a letter to sector representatives regarding these measures. (AEK/VK)
