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TURKIYE EXTENDS BAN ON OLIVE OIL EXPORTS!

A three-month export ban on olive oil exports, which came following a significant price increase in Türkiye and around the world, has been extended indefinitely.

Producers warned that demand has started to decline and pointed out that there will be a price increase in new crop products.

The ban, which does not apply to the export of packaged and boxed olive oil but is related only to bulk and barrel olive oil, has been extended to stabilize prices.

In the 2022-2023 season, low yields in the world’s leading olive-producing countries due to climate change had increased foreign demand for olives and olive oil from Türkiye.

On July 19, a decision was made to deduct 20 cents per kilogram from all bulk and barreled olive oil exports, and due to the continued negative impact of exports on domestic consumer prices, a ban on bulk and barreled olive oil exports was put into effect between Aug. 1 and Nov. 1.

In a statement on Oct. 18, the Trade Ministry said the rise in world olive oil prices continued.

“Considering the decrease in production in our country this season due to the ‘lean year’ as well as the production losses in many regions of our country due to unfavorable climatic conditions during the flowering period of olive trees, the fact that there will be no decrease in the soaring olive oil prices in the world and the increasing foreign demand will continue, it has become necessary to continue the measure applied on bulk and barreled olive oil exports,” the ministry said in a written statement.

In order to avoid supply-side problems in terms of consumer welfare and domestic prices, the evolution of product yields will be monitored for some time, the statement added.

www.hurriyetdailynews.com

About İsmail Uğural

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