Turkey Aims to Boost Olive Oil Exports to $3.8b in 10 Years
The Turkish Exporters’ Assembly aims to increase annual olive oil exports to $3.8 bilÂlion by 2023, setÂting a goal on the counÂtry’s 100th anniverÂsary. The increase in olive proÂducÂtion and risÂing demand in global marÂkets like China, Japan, and South Korea are expected to drive the growth in exports.
Turkish Exporters’ Assembly (TIM) has announced a long-term goal to raise the country’s annual olive oil exports to $3.8 bilÂlion in the next 10 years. The olive oil proÂducÂers in Turkey set the ambiÂtious benchÂmark on the occaÂsion of the country’s 100th anniverÂsary. Turkey has exported $155 milÂlion worth of olive oil in the first 10 months of 2012, which repÂreÂsents an increase of five perÂcent over the preÂviÂous year.
According to TIM, the tarÂget of $3.8 bilÂlion for 2023 is jusÂtiÂfied, conÂsidÂerÂing the subÂstanÂtial increase in the culÂtiÂvaÂtion of olives that is anticÂiÂpated over the next few years. A conÂcerted effort to increase olive proÂducÂtion from the farmer comÂmuÂnity as well as the Ministry of Food, Agriculture and Animal Husbandry has already resulted in the douÂbling of the numÂber of farmable olive trees over the past year.
Turkish olive oil exporters believe that export volÂumes will rise, conÂsidÂerÂing the risÂing demand for olive oil in large global marÂkets such as China, Japan and South Korea. Turkey’s total numÂber of olive trees stood at 98 milÂlion in 2000, and the figÂure has increased to 155 milÂlion at present. When a majorÂity of these young trees start bearÂing fruit, Turkey is bound to witÂness a subÂstanÂtial jump in proÂducÂtion.
The chairÂman of TIM, Mehmet Buyukeksi, shares the genÂeral optiÂmism preÂvailÂing among the olive oil proÂducÂers and exporters in the counÂtry. Buyukeksi believes that the goal of $3.8 bilÂlion of annual exports by 2023 is a logÂiÂcal one, conÂsidÂerÂing varÂiÂous facÂtors from growth in domesÂtic olive proÂducÂtion to expanÂsion of interÂnaÂtional marÂkets for olive oil.
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