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DAVUT ER: EXPORT BANS BOOSTED OLIVE OIL PRICES!

Press release…

Export bans in the olive oil sector did not reduce prices in the domestic market, but increased prices by 30 percent!

Stating that the restrictions imposed on bulk and barreled olive oil exports did not lead to a decrease in prices in the domestic market and caused a 30 percent increase in olive oil prices, Davut Er, Chair of the Aegean Olive and Olive Oil Exporters’ Association (EZZİB), said that Türkiye lost prestige and foreign currency in export markets after the restrictions on olive oil exports and that the bans should be lifted as soon as possible.

Davut Er

Speaking at the Olive and Olive Oil Sector Meeting and the Stars of Olive and Olive Oil Exports Award Ceremony, Davut Er noted that Türkiye entered the 2022/23 season with 50 thousand tonnes of olive oil stock and that the yield was calculated as 380 thousand tonnes.

Underlining that when the 50 thousand tonnes of olive oil coming from Afrin (North Syria) is taken into account, he said, “Therefore, the amount of olive oil has reached the level of 480 thousand tonnes, 160 thousand tonnes of domestic consumption and 150 thousand tonnes of exports, 170 thousand tonnes of excess stock entered the new season, in the meantime 179 thousand tonnes of yield is expected in the 2023/24 season and there is no problem in olive oil supply.”

Bans on olive oil exports should be lifted…

“I would like to emphasise once again that there is no cause for panic in the country’s olive oil supply. Prices have soared by around 30 percent since the restrictions were imposed,” he added.

“Olive oils that were kept in warehouses because they could not be exported were exposed to deterioration due to hot weather and adverse storage conditions, acidity and other valuable specs were damaged, high quality extra virgin oils turned into refining oils, which caused a 30 percent loss in value. This restriction did not lead to any positive results both in the domestic market and in exports,” he concluded…

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