By Daniel Williams
Olive Oil Times Contributor | Reporting from Barcelona
According to the most recent figures from the Agencia para el Aceite de Oliva (AAO), Spain’s exports have continued to soar, already reaching some 430,000 tons this campaign, a 23% increase from last season’s figures. Economists agree that this will help to equilibrate the market balance this season in the face of over-production fears.
Despite a jump in exports, more than half of Spain’s olive oil produced this campaign, some 741,100 tons, still remain in oil mills across the country. This is a whopping 32% increase from figures gleaned from the last 4 campaigns as EU advisers have urged producers to retain their products to prevent an oversaturation of the world olive oil market.
With respect to Spain’s domestic market, internal demand has remained relatively stable reaching 329,900 tons- a gentle 3% increase from the last campaign. At the same time, Spain’s olive oil imports have dropped 31% in relation to the average of the last 4 campaigns. This makes for a highly favorable import-export ratio that some see as the result of an exhaustive international advertising campaign undertaken by the Spanish government.
In spite of this favorable import-export ratio there is still growing concern among Spanish growers about covering costs as global output of olive oil has continued to soar and farm-gate prices have been on the decline since January 2005. In spite of heavy February rains that caused Spanish rivers to burst and threatened to deplete this season’s olive crop, the total volume of Spanish olive oil reached 873,500 tons at the end of May 2010, a 24% increase in the average taken from the past 4 seasons. Spain achieved a record olive oil output of 1.236 million tons two years ago.
Related Articles
Sep. 16, 2024
Table Olive Production in Spain Rebounds, but Falls Short of Initial Expectations
Farmers warn that a hot and dry August impacted the size and marketability of table olives.
May. 28, 2024
Spanish Olive Oil Production Continues to Beat Expectations
While this year’s yield remains significantly below the five-year average, it exceeded initial expectations by 11 percent and surpassed last year’s historically poor harvest by 28 percent.
Feb. 7, 2024
Oleocampo's 3,500 Members Overcome Harvest Challenges with Quality Intact
Farmers in the massive Jaén-based cooperative sacrificed yield for a tenth straight year of award-winning quality.
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.
Jan. 2, 2024
Extra Virgin Olive Oil Sales in Spain Fell by 40 Percent in 2023
The soaring retail price for extra virgin olive oil has driven the vital ingredient out of the reach of many families.
Jan. 29, 2024
Production in Spain Expected to Fall Short of Initial Estimates
Production estimates range from 680,000 to 755,000 tons for the 2023/24 crop year, below expectations at the start of the harvest.
Jun. 12, 2024
Deoleo North America CEO Says Sustainability is Key to Growing Olive Oil Sector
Thierry Moyroud views Deoleo as guardians of the industry, prioritizing quality production and sustainable practices above all else.
Mar. 7, 2024
Spanish Campaigners Lobby for Glyphosate Ban After EU Fails to Reach Consensus
The world’s most used herbicide was found in concentrations exceeding the legal limit in Mar Menor, spurring advocates to call for a ban in Spain.