New decision on olive oil exports

New decision on olive oil exports

The ban on exporting olive oil is extended indefinitely

The three-month restriction on olive oil exports has been extended to curb rising prices in the domestic market.

The export of olive oil in bulk and barrels was expected to end on November 1, 2023.

However, based on the information we obtained from sources in the Ministry of Commerce, a new evaluation was made and it was decided that the continuation of exports would have negative repercussions on prices in the domestic market. After this evaluation, it was decided that the export restriction would continue.

Consequently, the ban on the export of olive oil in bulk and in barrels, which began on August 1 and will last until the end of October, has been extended indefinitely.

Currently there is no problem in the export of olive oil up to 18 liters. That is, exports of packaged and boxed olive oil continue.

EXPORTS IN THE FIRST 6 MONTHS EXCEEDED ALL OF 2020

After incentives given to olive oil exporters were reduced in mid-July, a three-month ban on olive oil exports was imposed in early August.

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

Analyzing the data from the Turkish Exporters Assembly (TİM), it is seen that Turkey’s exports of olives and olive oil increased by 190 percent in the period January-June 2023 compared to the same period of the year previous, reaching 559.8 million dollars.

Throughout the 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 olives and olive oil to Spain worth 7.6 million dollars in the period January-June 2022, increased this export to 203.9 million dollars in the period January-June 2023.

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

Source: Sozcu

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