Turkey’s olive oil sector has entered the ‘year of prosperity’. Olive trees, by their nature, produce abundant crops one year and less crops the next year. The abundant year in this period is called the ‘var year’. Turkey’s olive production dropped significantly last year due to the effects of global warming. While the Ministry of Commerce imposed an export ban on olive oil in order to protect the domestic market; The export ban on bulk and barreled olive oil was relaxed this year. Turkish olive oil exporters were given a quota of 50 thousand tons until November 1, 2024. Thus, Türkiye has entered a good period with over 100 thousand tons of olive oil transferred from last year in addition to the current year. While it is considered that this situation will have an impact on prices, the low yields in Spain, Italy and Greece, which are Turkey’s competitors in the olive oil market, puts the Turkish producer in an important position in the European market. News Global Web Industry representatives, who made special statements, evaluated the impact of the olive oil supply in the market on prices both domestically and abroad.
REPUBLIC RECORD
Mehmet Semerci, President of the Edremit Gulf Olive Oil Producers Federation, stated that there will be no exorbitant price increases this year as in previous years and said: “The shortage experienced in the past years destroyed the stocks in Europe. I think we have a production this year that could be a record in the history of the Republic. However Based on my experience, I can say that the approach of ‘there are too many products, prices will drop’ is not valid either, because exports are extremely open and our exporters try all kinds of options to export more. I don’t think it will be a bad year. We have a problem here; There is a very serious drought in the olive regions. These droughts can affect our production.“
PRICES REMAIN FIXED
Mehmet Semerci, whom we asked about his predictions about this year’s possible olive oil prices, made the following statements: “I do not think that the prices may decrease, but the same prices will continue. I think we will not see an increase.” In the coming period, prices will decrease slightly for producers due to organization and abundance, but later, when the effect of exports comes into play, we will not have any problems. “For the consumer, I think there will be no increase in this year’s prices throughout the year.”
COSTS HAVE BEEN DOUBLED
Çanakkale Olive Oil and Olive Producers Association President Cem Erdilek stated that production costs also have an impact on the price and said: “If you get 100 kilograms of olive trees one year, you get 70 kilograms the next year. There is no such thing as ‘none’ anyway. The crop seems to be high this year.” There is an abundance of olives. Wholesale prices are half of last year’s price, but production costs have doubled from last year. I estimate that the season will open at 250 lira for the farmer. It should be at least 300-350.”
Stating that there is a lot of speculation about prices in the market, Erdilek said, “Now prices are suppressed and olive oil is collected from the market at cheap prices. However, after the new year, prices begin to rise. It seems like those who sell olive oil in season will lose” he said.
PRICE IS BALANCED
Ayvalık Olive Producers Association President Aydın Şensal stated that although the crop will be high this year, the increase in production costs will balance the prices: “The collection phase has not started yet, but there is a serious increase in both the employee costs of collection and the costs of squeezing and other processes. Daily wages also increased. These are reflected in market prices. “However, we can at least say that there will be no increase in the market price this year,” he said.
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