Turkey's ban on olive oil exports might affect suppliers

 

Turkey is among the most prominent markets for olive oil exports. Turkey’s year wise olive oil production is around 421,724 million metric tonnes. Turkey is the most favoured destination for the olive oil imports by European countries. Globally, Turkey is the third leading producer of olive oil along with Spain and Italy.

Whereas, Turkey is the 4th leading exporter of olive oil in the world after Spain, Italy and portugal. The latest Turkey import export data reports suggests that there was around 3% to 5% increase in the exports of olive oil from Turkey. Last year market trends suggested that Turkish olive oil exports were nearly 1 billion.

According to the Turkey customs data reports, Turkey’s exports were estimated to be around $158 million during 2021 and increased to $534 million dollars in FY 2022. The United States was the top olive oil importer from Turkey accounting for over 33% share in the overall country’s olive oil exports.

Whereas, Spain was the second most favoured market for Turkey’s olive oil exports and first among the European countries. As per Turkey export data, Spain was responsible for 18% of Turkey's total olive oil exports. After Spain, Japan, Iran, Saudi Arabia, Germany, Israel, United Arab Emirates and Italy were among other major markets in terms of exports value.

Verde Yağ Besin Maddeleri was the top olive oil export company from Turkey responsible for the maximum amount of export shipment volume. Nejat Atalian Dis, Tarimkredi Birlik Tarim Urunleri, Comptoir Euriental Gida and Eraydin Tarim Urunleri Gida were other top export companies from Turkey in terms of olive oil exports volume. 

Turkey is doing well in the olive oil export sector but it recently imposed a ban on olive oil exports. This decision is taken due to the high domestic prices amid affected olive oil production in various Mediterranean countries like Morocco, Lebanon, Tunisia, Spain, Portugal, France, Italy, etc. The Turkish government is figuring out how to ease the domestic olive oil prices.

In terms of imports, Turkey import value was totaled to be around $120 million worth of olive oil products. Turkey import data shows that the imports came from Syria, Spain, Italy, Tunisia and Cyprus.  Amid restrictions over Turkey’s olive oil exports, there might be a concern for the olive oil exporters of the country.

This might affect their sales and revenue. Nevertheless, the Turkish government could ease this restriction once the domestic olive oil prices cool down. So, it would be better to plan an effective marketing strategy for the long term. A data based approach can make you shine among your competitors and become an X factor in your company sales.

Turkish exporters can now unleash the true global olive oil exports market potential with the help of Exim Trade Intelligence System. It will give you access to the imports and exports of over 200+ countries. You can find global olive oil importers from all over the world. This can increase your olive oil sales and double your market revenue. Exim Trade Data is the most reliable and authentic global import export data provider company.