Türkiye Olive oil exports have undergone a significant decline, plummeting by 69% over the past three months, according to data released by the Aegean Olive and Olive Oil Exporters Union. Comparing the current season to the previous one (November 1, 2022, to January 31, 2023), where olive oil exports totaled 53,627 tons, this season witnessed only 16,471 tons of olive oil exported during the same period.

 Ban on Bulk Olive Oil Exports Contributes to Decrease

Last season, bulk olive oil exports amounted to 44,206 tons. However, due to imposed export bans this season, there were no bulk olive oil exports reported, significantly impacting overall export volumes.

 Surge in Average Export Prices

Despite the decline in export volumes, the average export price of olive oil surged from $4.26 per kilogram in the same period last season to $7.18 per kilogram this season. This substantial increase in price reflects changing market dynamics and potentially increased demand in certain segments.

 Decline in Export Revenue

The sharp decrease in export volumes combined with the rise in average prices resulted in a significant decline in export revenue. During the first three months of last season, export revenue amounted to $228,568,000. However, in the current season, it dropped to $118,311,000, indicating a substantial loss in income for producers and exporters.

The notable downturn in olive oil exports highlights the challenges facing the industry, including regulatory restrictions and shifting market conditions. Stakeholders are advised to closely monitor developments and devise strategies to mitigate the impact of such fluctuations on the sector's profitability and sustainability.

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