Turkey Fears Backlash in Local and Foreign Markets with Higher Prices
The olive harÂvest in Turkey is falling short of expecÂtaÂtions this year, causÂing the wholeÂsale price of extra virÂgin olive oil to rise from 7.5 to 10 Turkish Lira. Turkish olive proÂducÂers are holdÂing onto their crop in hopes of furÂther price increases due to high interÂnaÂtional demand folÂlowÂing poor harÂvests in Italy and Spain.
Like many European counÂtries, this year’s olive harÂvest in Turkey is not meetÂing expecÂtaÂtions, reports the Turkish daily Hürriyet.
Over the past month the wholeÂsale price of extra virÂgin olive oil rose from 7.5 to 10 Turkish Lira ($3.32 to $4.42). Some Turkish olive proÂducÂers are waitÂing before partÂing with their crop, hopÂing prices will rise furÂther and they can cash in on high interÂnaÂtional demand for olive oil folÂlowÂing devÂasÂtatÂing harÂvests in Italy and Spain.
See Also:Complete Coverage of the 2014 Harvest
Meanwhile, if the retail price climbs about 20 Lira, there are fears that conÂsumers may stay away from the prodÂuct, accordÂing to Cahit Çetin of Taris, an olive and olive oil coopÂerÂaÂtive. He added that prices in Turkey are influÂenced by the Spanish and Italian marÂkets, where record low crops are pushÂing up the price of olive oil, and that even though the olive harÂvest is still in progress in Turkey, high demand has driÂven the price up.
According to the latÂest IOC estiÂmates, Turkey is expected to proÂduce 190,000 tons of olive oil this year.
The head of the Union of Aegean Olive and Olive Oil Exporters, Gürkan RenkilaÄŸ, warned that Turkey risks losÂing forÂeign marÂkets for its olive oil because curÂrent prices, at about 1 Euro higher than other marÂkets, are not favorÂable for exports. He appealed to the minÂistry of agriÂculÂture to douÂble govÂernÂment supÂport to avoid losÂing marÂkets in the US, China, Japan and Saudi Arabia.
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