Until the new olive harvest: Türkiye has limited the export of olive oil

Published Aug 4, 2023

Tridge summary

Turkey has imposed a temporary export restriction on olive oil due to a surge in domestic prices caused by a global decrease in production and increased demand. The Ministry of Commerce stated that Turkey's olive oil exports had risen by 240% from November 2022 to July 2023, leading to a 102% increase in prices in the domestic market. The European Union's high customs duties limit Turkey's ability to supply packaged olive oil to EU countries.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Turkey has introduced a temporary restriction on the export of olive oil until the start of the harvest of a new olive crop - until November 1, due to a twofold increase in prices for these products in the domestic market of the country, EastFruit experts report citing a corresponding statement from the Turkish Ministry of Trade. The trade department cites data from the International Olive Council (IUC): "Due to the drought in Europe, the production of olive oil in the world decreased by 20%, primarily due to Italy and Spain, and in Turkey it increased by 62%." The Ministry of Commerce of Turkey stressed that the volume of exports of Turkish olive oil in the period from November 2022 to July 2023. increased by 240% to 136.5 thousand tons. In addition, due to such an increase in export volumes, prices for olive oil in the Turkish domestic market increased by 102%. “Italy and Spain process the oil supplied by our country in bulk and in barrels and then sell them to third countries. ...

Source: Eastfruit