ISTANBUL, Aug 1 Turkey has suspended olive oil exports until November 1 due to global price increases and the fact that Spain and Italy process Turkish oil and sell it to third countries, Turkish Ministry of Commerce reported.
The agency cited statistics from the International Olive Council (IUC), according to which, due to the drought in Europe, the production of olive oil in the world decreased by 20%, primarily due to Italy and Spain, and in Turkey it increased by 62%. Also, the ministry notes, the export of Turkish olive oil from November 2022 to July this year increased by 240% and amounted to 136.5 thousand tons.
It is noted that due to the growth in exports, oil prices have increased significantly in Turkey itself — by 102%.
The Ministry of Commerce notes that due to the high customs duties of the EU, Turkey can supply packaged and value-added olive oil to the final consumer in EU member states in «extremely small» quantities. “However, Italy and Spain process the oil supplied by our country in bulk and in barrels and then sell them to third countries (under their own brands — ed.). From November to July, our export of oil in barrels to Spain increased 21 times compared to the same a year earlier, and to Italy by 44 times,” the ministry said in a press release received. and in barrels, until the start of the next harvest — until November 1, 2023,» the agency said.