From November 2012 to March 2013, Turkey’s olive oil exports sky-rocketed to over 45,500 tonnes, a 446 percent rise from the same period a year earlier.

According to economic experts, the rise is due to a considerable fall of 60 percent in the harvest of Spain, the world’s largest oil producer. In addition, the European Union’s removal of the custom duty on Turkey’s olive oil exports also helped Turkey increase its exports.

The Turkey Aegean Olive and Olive Oil Exporters Union reported that the country’s olive oil exports dropped considerably since the 2005-2006 crop and started to recover in 2012. In the 2011-2012 crop, export volume rose from 12,000 tonnes to 20,000 tonnes, valued at USD65 million, up 33 percent from the previous crop.

According to the Turkey Producers Union, olive oil export turnover is expected to reach USD3.8 billion within the next ten years. In 2012, Turkey doubled its olive tree area from 2011 to boost its access to Asian markets, such as China, Japan and the Republic of Korea.

Currently, Spain remains the biggest olive oil producer in the world, followed by Italy, Greece, Tunisia and Turkey./.

CPV