According to a working paper of the Pan-Hellenic Confederation of Unions of Agricultural Cooperatives (Paseges), olive oil production for the current harvesting season will climb to approximately 350,000 tons, compared to 295,000 tons for the 2011-12 season.
AdSpeed_display(40687);
However, olive oil consumption in the country will likely not be consistent with the higher yield and is expected to be drop by 20 – 40,000 tons compared to last year to 210,000 tons. The reason for this is to be found in the continuously diminishing purchasing power of consumers, which has forced them to turn to cheaper seed oils like sunflower oil or soya oil. It seems that the world record the Greeks hold eating the most olive oil — more than 25 liters per person every year — might be in jeopardy if the trend continues.
Regarding olive oil exports, the paper finds they will remain stable at about 100,000 tons per year, and there is a tendency for increased exports to new markets like Russia and China.
Prices for extra virgin declined to €1.85 per liter from €2.01 in 2010/11, but prices bounced back to the current €2.40 due to the reduced production in Spain and Italy.
Related Articles
Jan. 15, 2024
Producers in Uruguay See Awards Fueling Exports, Local Olive Oil Culture
Uruguayans turned heads at the 2023 World Olive Oil Competition, setting their sights on export markets and homegrown appreciation.
Jul. 20, 2024
Trade Commission Extends Tariffs on Spanish Black Olives
The decision came two months after the U.S. Court of Appeals ruled in favor of the Commerce Department’s tariffs.
Dec. 14, 2024
Political Turmoil Complicates Efforts to Revive Syrian Exports
After overthrowing the autocratic rule of former President Bashar al-Assad, Syria’s new governing coalition said it would enact free-market reforms and stimulate exports.
Jul. 29, 2024
Sustainability Guides Award-Winning Producer in Turkey
Garisar successfully navigates climate extremes and economic challenges, producing sustainable, award-winning quality.
Jul. 29, 2024
Olive Trees on Corfu Face Threat from Wood-Eating Insects, Experts Rule Out Xylella
A lab in Athens ruled out Xylella fastidiosa as the cause of the dieback in central and northern Corfu groves.
Feb. 1, 2024
Tunisia's Olive Oil Price Cap Gets Mixed Response from Consumers
The government capped the price of olive oil to keep household costs down, but locals question the efficacy of the plan.
Jun. 26, 2024
Rising Olive Oil Imports Contribute to Spain’s Trade Deficit with Argentina
While Spain’s agricultural trade deficit fell by 33 percent between 2022 and 2023, olive oil imports increased by nearly 230 percent due to a poor harvest and rising prices.
Mar. 6, 2024
US Surpasses Spain as Second-Largest Olive Oil Consumer
Experts predict the U.S. will overtake Italy to become the world’s largest consumer of olive oil.