The value of olive oil exports from Turkey has grown 50 percent in the 2021/22 crop year, according to figures published by the Aegean Exporters’ Associations (EIB).
From November 2021 to October 2022, olive oil shipments from the country amounted to 3.75 trillion lire (€190 million).
The EIB attributed the increase to high olive oil prices on the international market, a 32-percent rise in export volumes and a significant increase in packaged shipments.See Also:Olive Oil Trade News
Turkey exported 58,000 tons of olive oil during this period, compared with 44,000 tons in the previous season.
Citing EIB’s data, local media reported that the United States remained the primary importer of Turkish olive oil, with a turnover of $75 million (€71.4 million).
According to Turkey’s trade ministry, olive oil exports to the U.S. have been steadily increasing in recent years in quantity and value. In 2015, Turkey sold 1,800 tons to the U.S., valued at slightly more than $8 million (€7.6 million).
Spain and Japan were the second and third largest importers of Turkish olive oil, purchasing $24 million (€22.9 million) and $17 million (€16.2 million), respectively.
EIB president Davut Er emphasized the importance of individually packaged olive oil shipments, 53 percent 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 crucial to increase market value and promote local extra virgin olive oil on the international markets.
“Our pomace exports reached $24 million with a 178 percent increase,” Er told local media. “Our average olive oil export price increased by 12 percent in the 2021/22 crop year to $3,458 (€3,294) per ton.”
He also emphasized how the current crop year is expected to break records regarding table olive and olive oil yields.
“This season, our olive oil sector reached the highest figures in its history,” Er said. “We 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 olive oil and table olive exports could reach $500 million (€476 million) next year.
Citing significant production decreases across most of Europe and North Africa, Alper Alhat, Akhisar Commodity Exchange chairman, said new opportunities are appearing for the Turkish producers.
“This will be a great opportunity for exports,” he said. “We think the numbers will increase this year because 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 by 17 percent last year, with a turnover of $6.6 billion (€6.3 billion).