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 favour...