Türkiye may lose about $220m in export earnings as a result of the ban on olive oil supplies abroad, RIA Novosti has calculated on the basis of data from the national statistical service. In addition, consumers from Spain, the United States and Italy are expected to suffer the most from the embargo.
Recall that earlier this month, local authorities announced a ban on olive oil exports against the background of the rising cost of the product on the world market and the sale of Turkish oil to third countries by Spain and Italy.
RIA Novosti reported that Türkiye in the first half of the year (January-June) increased olive oil supplies in monetary terms to $441.7 million (an increase of 5.2 times to the same period in 2022).
“The monthly average this year has also increased significantly to $73.6m from $24.2m last year. Thus, for three months of the embargo, the country may lose about $220 million,” the report said.
It should be noted that the main destination for Turkish olive oil exports this year was Spain ($33.7 million). The USA ($21.2m) and Italy ($4.9m) are next.