THE GLOBAL WINDOW OF TURKISH FOOD AND AGRICULTURE The Global Window of Turkish Food and Agriculture Sector
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Despite the expected decline in production, Türkiye’s olive oil producers do not anticipate serious supply problems thanks to olive oil in the stocks.
Poor olive harvest and resulting low olive production is not a unique problem to Türkiye. The world’s largest olive oil producers, Spain and Italy, also saw a sharp decline in the production last year, blaming largely on bad weather.
However, despite the decline in production, consumers in Türkiye should not face a shortage of olive oil, said Alper Alhat, the Head of the Akhisar Commodity Exchange.
“Yes, our production is low this year, but we think we will get through this year without any problems, with olive oil in stock from last year,” Alhat explained.
The key question is what happens with olive oil prices, which have surged globally amid poor production.
Prices are coming down abroad, according to Alhat
“Olive production is falling, that’s for sure. But on the other hand, consumption has also been declining due to high prices in the previous season.”
In the face of higher olive oil prices, consumers are turning to vegetable oils, Alhat noted, explaining why demand for olive oil is weakening.
He dismissed speculations that the price of olive oil may shoot up to 600 Turkish Liras (21 dollars) per litre.
“The average price in the market is around 220 liras,” he added.
Türkiye has imposed a ban on bulk olive oil exports to ensure domestic supply.
- Akhisar, a district of western province of Manisa.
