The value of olive oil exports from Turkey has increased by 50% in the 2021/22 crop year, according to figures released by the Aegean Exporters’ Associations (EIB).
From November 2021 to October 2022, the country’s olive oil shipments amounted to 3.75 trillion lira (190 million euros).
The EIB attributed the increase to high prices for olive oil on the international market, a 32% increase in export volumes and a significant increase in packaged shipments.
Turkey exported 58,000 tons of olive oil during this period, compared to 44,000 tons the previous season.
Citing EIB data, local media reported that the United States remained the top importer of Turkish olive oil, with sales of $75 million (€71.4 million).
According to the Turkish Ministry of Commerce, olive oil exports to the United States have grown steadily in recent years in quantity and value. In 2015, Turkey sold 1,800 tons to the United States, valued at just over $8 million (€7.6 million).
Spain and Japan were the second and third largest importers of Turkish olive oil, buying $24 million (€22.9 million) and $17 million (€16.2 million) respectively.
EIB President Davut Er highlighted the importance of individually packaged olive oil shipments, 53% of the total, in increasing the value of Turkish exports.
While a significant percentage of Turkish olive oil exports are still in bulk, packaging, labeling and branding are key to increasing market value and promoting local extra virgin olive oil on local markets. international markets.
“Our pomace exports reached $24 million with a 178% increase,” Er told local media. “Our average olive oil export price increased 12% during the 2021/22 crop year to reach $3,458 (€3,294) per ton.”
He also pointed out that the current crop year is set to break records for table olive and olive oil yields.
“This season, our olive oil sector has reached the highest figures in its history,” Er said. We have left behind a successful season with 730,000 tons of olives… With these figures, Turkey will rise to first place in the world for table olives and second for olive oil. »
Given the extraordinary estimated production, Er added that exports of olive oil and table olives could reach $500 million (€476 million) next year.
Citing significant declines in production across most of Europe and North Africa, Alper Alhat, chairman of the Akhisar Commodity Exchange, said new opportunities were emerging for Turkish producers.
“It will be a great opportunity for exports,” he said. “We believe the numbers will increase this year as we are talking about a product that is not available in the world but is abundant in Turkey. . »
“Therefore, I would like to state that we have a very valuable product,” Alhat added. “I think we will see a big increase in exports.”
Along with olive oil, the EIB said total agricultural exports rose 17% last year, with sales of $6.6 billion (€6.3 billion) .