Turkey: Tax-free olive oil export to England in the UK allows it to reach 20 thousand tons

Published Jun 15, 2022

Tridge summary

The President of the Aegean Olive and Olive Oil Export Association, Davut Er, has expressed optimism following British Prime Minister Boris Johnson's suggestion that taxes on olive oil imports from Turkey could be removed. This would be beneficial for Turkish exports to the UK, potentially reaching 20 thousand tons, as it would eliminate the 1.20-1.25 euros per kilo tax currently applied under Brexit. This tax has made it difficult for Turkish exporters to compete in the UK market, which has an annual volume of 70-80 thousand tons, with the average Turkish export to the UK being 50-60 tons.

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Original content

Aegean Olive and Olive Oil Export Association President Davut Er evaluated the British Prime Minister Boris Johnson's signaling that taxes could be lifted on olive oil imported from Turkey. Stating that the abolition of the taxes is important in terms of exporting shit, Er said that exports to England could reach 20 thousand tons. Er continued: British Prime Minister Boris Johnson's statement is exciting for us. Britain left Europe as part of Brexit. While Customs Union agreements are made in our exports to European Union countries, 1.20-1.25 euros are taxed per kilo, depending on the olive and olive oil types. In addition, 93 pence is taken on England according to the parity of that day. And you will appreciate that this is a very large number. With these figures, both the ...

Source: TRBloomberg