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Turkey halts olive oil exports amid rising domestic prices

Turkey’s Ministry of Trade has announced the suspension of olive oil exports until Nov. 1, citing the adverse effects on domestic consumer prices caused by increasing foreign demand and world pricing trends as the key reasons behind the decision, Bianet news website reported.

Global olive oil production has seen a 20 percent decrease in the 2022/2023 season, primarily due to drought conditions in Europe, according to data from the International Olive Council. Spain and Italy, typically significant producers, have been particularly affected. In contrast, Turkey’s production has swelled by 62 percent in the same period.

The increased foreign demand has led to a dramatic rise in bulk and barrel olive oil exports from Turkey, driving up retail prices domestically and outpacing general price inflation over the past year.

Despite the production increase, Turkey faces limitations on the amount of packaged olive oil it can export to European Union countries due to high EU customs duties. Notably, Spain and Italy import bulk and barrel olive oil from Turkey, process it and re-export to third countries.

According to the state-run Anadolu news agency, the Ministry of Trade has communicated these measures to industry representatives in an official letter.

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