Turkish olive oil producers are beginning to lose their traditional export markets due to the country’s ban on the export of this product. This opinion was voiced by experts interviewed by the Olive Oil Times. Now, according to industry experts, key buyers are reoriented to import oil from Albania, Chile and Tunisia.
Recall that Turkish authorities decided in August to suspend olive oil exports amid rising prices of the product on the world market and the sale of Turkish oil to third countries by Spain and Italy.
“Temporary export restriction was an easy decision, but was it the best decision?” questioned Yusuf Urgan, economist and business consultant at Egina Olive Oil.
The expert noted that this ban, which has already become the third for the country in the past few years, “casts doubt on the reliability of Turkish olive oil exports.” At the same time, according to the expert, the embargo itself may provide a decrease in domestic prices for the product, but it represents serious losses for producers.
“For example, before the ban, domestic prices were 185 Turkish liras (6.31 euros) per kilogram,” the specialist says. – After the ban, prices dropped to 170 Turkish liras (5.80 euros) in just one week.”
Source: Oleoscope