`Turkey Fears Backlash in Local and Foreign Markets with Higher Prices


Turkey Fears Backlash in Local and Foreign Markets with Higher Prices

Dec. 11, 2014
Isabel Putinja

Recent News

Like many Euro­pean coun­tries, this year’s olive har­vest in Turkey is not meet­ing expec­ta­tions, reports the Turk­ish daily Hür­riyet.

Over the past month the whole­sale price of extra vir­gin olive oil rose from 7.5 to 10 Turk­ish Lira ($3.32 to $4.42). Some Turk­ish olive pro­duc­ers are wait­ing before part­ing with their crop, hop­ing prices will rise fur­ther and they can cash in on high inter­na­tional demand for olive oil fol­low­ing dev­as­tat­ing har­vests in Italy and Spain.
See more: Com­plete Cov­er­age of the 2014 Har­vest
Mean­while, if the retail price climbs about 20 Lira, there are fears that con­sumers may stay away from the prod­uct, accord­ing to Cahit Çetin of Taris, an olive and olive oil coop­er­a­tive. He added that prices in Turkey are influ­enced by the Span­ish and Ital­ian mar­kets, where record low crops are push­ing up the price of olive oil, and that even though the olive har­vest is still in progress in Turkey, high demand has dri­ven the price up.

Taris Coop­er­a­tive Pres­i­dent Cahit Çetin

Accord­ing to the lat­est IOC esti­mates, Turkey is expected to pro­duce 190,000 tons of olive oil this year.

The head of the Union of Aegean Olive and Olive Oil Exporters, Gürkan Renki­lağ, warned that Turkey risks los­ing for­eign mar­kets for its olive oil because cur­rent prices, at about 1 Euro higher than other mar­kets, are not favor­able for exports. He appealed to the min­istry of agri­cul­ture to dou­ble gov­ern­ment sup­port to avoid los­ing mar­kets in the US, China, Japan and Saudi Ara­bia.

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