Turkey Exports $506 Million Worth of Liquid Gold to 120 Countries

In the challenging 2023/24 season marked by restrictions and quotas, the Turkish olive oil sector exported 70,750 tons of olive oil, generating $506,374,000 in foreign currency for Turkey. Additionally, the export of pomace oil was recorded at 11,038 tons, amounting to $48,059,000 in the same season.

Concluding the table olive export season at the end of September with $210 million, the Turkish olive growing sector finished the 2023/24 season with a total foreign exchange income of $765 million. Emre Uygun, President of the Aegean Olive and Olive Oil Exporters Association, noted that the sector had achieved $932 million in exports in the 2022/23 season but experienced an 18% decrease in olive oil exports compared to that season in 2023/24.

Uygun mentioned that in the challenging 2023/24 season, 54,405 tons of the total 70,750 tons exported as packaged olive oil. He emphasized, "Actually, a significant part of the packaged olive oil exports was done in large packaging, replacing bulk olive oil exports. Recently, with the lifting of quotas and restrictions, our bulk and barrel olive oil exports reached $100 million."

Olive oil gained 54% in value in dollar terms. The olive oil, often referred to as liquid gold, was exported like gold in the 2023/24 season. Uygun highlighted that the average export price of olive oil was $4.64 in the 2022/23 season, increasing to $7.16 in the 2023/24 season, reflecting a 54% rise in dollar terms. He continued, "Although the volume of olive oil exports decreased by 52%, the increase in average export price kept the decline in foreign exchange income limited to 29%."

For the 2024/25 season, the export target is set at 200,000 tons. Uygun mentioned that with a projected olive oil harvest of 475,000 tons, Turkey would become the second-largest producer in the world after Spain. He stated, "To convert the harvest into added value and ensure that our producers receive fair compensation for their efforts, we are targeting 200,000 tons of olive oil exports in the 2024/25 season."

The United States leads in olive oil exports. In the 2023/24 season, Turkey exported olive oil to 120 countries, with the United States at the top, importing $135 million worth. Spain followed with $110 million, while Italy received $42.8 million in golden liquid.

Turkey's olive oil exports to Japan, a market that has gained strength in recent years, increased by 19%, rising from $28 million to $33.5 million in the 2023/24 season. Traditional export market Saudi Arabia received $15.7 million worth of olive oil, while Russia demanded $14 million in Turkish olive oil. Exports included $7.7 million to Germany, $7.4 million to Portugal, and $6 million each to Brazil and Australia.