Deduction in incentives granted to olive oil exporters

Olive oil in bulk and in barrels is reincorporated into the list of goods for which the price support and stabilization fund (DFIF) premium will be deducted. Funding cut in olive oil exports brought back

Thus, the DFIF was cut, which is one of the most important incentive tools under the title of state aid for exports.

In accordance with the President’s decision to modify the DFIF decision published in today’s Official Gazette, olive oil will be deducted 20 DFIF cents per kilogram.

Olive oil was eliminated from the list of goods to be deducted from the DFIF in 1997 with the decision of the Council of Ministers number 96/9097.

WIDE SCOPE OF THE DFIF, WHICH HAS THE SUPPORT OF THE GOVERNMENT IN EXPORTS

If small-scale industrial companies employ graduates to meet their needs for engineers and specialists, the DFIF covers employment assistance at a rate of 70 per cent of their first 6 months’ salary.

Up to 50 percent of R&D expenditures to support companies engaged in project-based research and development activities and for product development programs can be covered from the DFIF through the Central Bank.

A part of the expenses made for production in the country in accordance with the legislation on environment, quality and human health applied in international markets is also carried out by the DFIF on behalf of the MB.

In addition, the DFIF covers some of the expenses incurred to support the office abroad, the operation of stores and promotional activities or to support individual participation in fairs abroad.

The DFIF also covers a maximum of 50 per cent of the expenses to be incurred for training activities and seminars. However, the scope of DFIF is not limited to these.

EXPORTS IN THE FIRST 6 MONTHS EXCEEDED ALL OF 2020

After world olive oil prices hit a record high, retail prices in Turkey also rose 77.7 percent in two months, jumping from 90 lira to 160 lira per liter.

It should be noted that olive oil exports to Spain, which fell into a bottleneck due to the drought, multiplied by 26.8 in the first 6 months of the year.

According to data from the Turkish Exporters Assembly (TIM), Turkey’s olive and olive oil exports increased by 190 percent in the period January-June 2023 compared to the same period of the previous year, reaching 559 .8 million dollars.

In the whole of last year (January-December 2023), total exports of olives and olive oil were 495 million 838 thousand dollars.

EXPORTS TO SPAIN INCREASE 26.8 TIMES

Turkey, which exported 7.6 million dollars in olives and olive oil to Spain in the period January-June 2022, raises this export to 203.9 million dollars in the period January-June 2023.

In the same period, exports to Italy skyrocketed from $1.2 million to $30 million.