Turkey exported 506 million dollars worth of gold water to 120 countries.

The olive oil sector, having gone through a challenging 2023/24 season marked by restrictions and quotas, exported 70,750 tons of olive oil, bringing in 506 million 374 thousand dollars in foreign currency to Turkey. In the 2023/24 season, the export of pomace oil was recorded at 11,038 tons, amounting to 48 million 59 thousand dollars.

At the end of September, the Turkish olive sector closed the table olive export season with 210 million dollars, finishing the 2023/24 season with a foreign currency revenue of 765 million dollars. Emre Uygun, President of the Aegean Olive and Olive Oil Exporters Association, reminded that they had exported 932 million dollars in the 2022/23 season, indicating that there was an 18% loss in olive oil exports compared to the previous season in the 2023/24 season. Uygun shared that out of the total export of 70,750 tons in the Turkish olive oil sector during the challenging 2023/24 season, 54,405 tons were exported in packaged form, stating, “In fact, a significant portion of packaged olive oil exports was made in large packages and replaced bulk olive oil exports. Recently, with the issuance of quotas and the lifting of restrictions, our bulk and barreled olive oil exports reached 100 million dollars.”

Olive oil appreciated by 54% in dollar terms
Olive oil, referred to as liquid gold, was exported like gold in the 2023/24 season. EZZİB President Emre Uygun emphasized that the average export price of olive oil was 4.64 dollars in the 2022/23 season, which increased by 54% to 7.16 dollars in the 2023/24 season. Uygun stated, “While the decrease in quantity terms for olive oil exports reached 52%, thanks to the increase in the average export price, the decline in foreign currency income was limited to 29%. Emre Uygun, the President of EZZİB, provided information that Turkey would become the second largest in the world after Spain with an olive oil production of 475,000 tons in the 2024/25 season, adding, “We aim to achieve 200,000 tons of olive oil exports in the 2024/25 season to convert the harvest into added value and ensure our producers receive the rewards for their efforts.”

USA leads in olive oil exports
In the 2023/24 season, Turkey exported olive oil to 120 countries, with the United States at the top with an amount of 135 million dollars. Spain came second with 110 million dollars, while 42.8 million dollars worth of liquid gold was exported to Italy. The export to Japan, one of the markets where the Turkish olive oil sector has gained strength in recent years, increased by 19% from 28 million dollars to 33.5 million dollars in the 2023/24 season. Turkey exported 15.7 million dollars worth of olive oil to Saudi Arabia, one of its traditional export markets. While Russia requested 14 million dollars worth of Turkish olive oil, 7.7 million dollars went to Germany, 7.4 million dollars to Portugal, and 6 million dollars each to Brazil and Australia.