Spanish olive oil exports exceeded €6 billion in the 2023/24 crop year, a 54-percent increase compared to the previous campaign.
The significant increase in value came despite Spain exporting 742,500 metric tons, which is only 3,600 more tons of olive oil than the country shipped abroad in 2022/23.
Officials said high olive oil prices were the main driver behind the significant increase in export revenues.
See Also:Accusation of Widespread Fraud Sparks Controversy in SpainAccording to the Ministry of Agriculture, Fisheries and Food, the average price for olive oil exports was €8 per kilogram, 57 percent higher than the average for the previous crop year. Export prices peaked at €8.75 in March.
Italy remained the leading destination for Spanish olive oil exports, followed by the United States, where exports exceeded €1 billion for the first time, France and Portugal.
According to the ministry, virgin and extra virgin olive oil comprised 69 percent of the exports, while refined olive oil made up 29 percent and lampante represented the remaining two percent.
The news of the revenue rebound comes as the 2024/25 crop year shifts into full gear. According to a recent meeting of the Olive Oil Sector Board, production is expected to reach 1.29 million tons, a significant increase from 854,500 tons in 2023/24 and 666,000 tons in 2022/23.
The Olive Oil Sector board attributed the production rebound to “good crop conditions in many of the producing areas, thanks to the rains that have fallen in recent weeks.”
However, it falls significantly below earlier estimates, with producers initially anticipating a harvest between 1.4 to 1.5 million tons as late as October, down from an earlier, even more optimistic forecast of 1.65 million tons.
Producers and officials explained the decline due to some producers reporting lower oil yields and labor difficulties in some traditional and steep slop groves.
As a result of the consecutive years of poor production, olive oil imports to Spain also increased to help bottlers meet demand, rising by 12 percent in volume and 65 percent in value.
Spain imported €1.6 billion of olive oil, paying an average price of €6.60 per liter. Portugal was the country’s leading supplier, shipping 105,876 tons, a 41 percent increase compared to 2022/23, followed by Tunisia with 54,172 tons and Turkey with 21,935 tons, a 13 percent increase.
Regarding the domestic market, the Olive Oil Sector board said olive oil prices at origin have fallen by more than 25 percent since the start of October after hitting record highs during the past two crop years.
According to Infaoliva’s price observatory, extra virgin olive oil prices at origin have fallen to €4.40 per kilogram, down 51 percent from January’s record highs. Virgin and lampante prices have fallen by slightly less, dropping to €4.35 and €4.30, respectively.
The combination of falling prices and more availability means consumption will rise. The Olive Oil Sector Board forecasted olive oil consumption to reach 480,000 tons in the current campaign, 17 percent higher than in 2023/24.
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