` Domestic Olive Oil Market Improves in Spain - Olive Oil Times

Domestic Olive Oil Market Improves in Spain

Jan. 11, 2021
Eduardo Hernandez

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The 2020/21 crop year con­tin­ues to move in the right direc­tion in Spain, with olive oil sales in October and November increas­ing by 1.8 per­cent com­pared with the same period in the pre­vi­ous year.

According to the lat­est data released by the Ministry of Agriculture, Fisheries and Food, a total of 293,900 tons of olive oil were sold in the first two months of the cur­rent crop year.

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Growing demand in Spain’s domes­tic mar­ket, which has been par­tially fueled by stay-at-home orders dur­ing the Covid-19 pan­demic, com­pen­sated for the slight drop off in exports.

Overall, domes­tic sales grew by 18.7 per­cent (reach­ing 111,2000 tons) in the first two months of the cur­rent crop year, com­pared to the pre­vi­ous one, and sit 36 per­cent higher than the aver­age of the first two months of the pre­vi­ous four crop years.

Exports, on the other hand, have slowed con­sid­er­ably as the pan­demic has com­pli­cated trans­porta­tion logis­tics and brought the restau­rant and hos­pi­tal­ity sec­tor grind­ing to a halt.

In the first two months of 2020/21, Spain has exported 182,700 tons, down by 6.3 per­cent com­pared to the same period last year. Olive oil imports have also increased, ris­ing to 38,400 tons from an aver­age of 23,475 tons over the pre­vi­ous four years.

All of this comes on the back of what is expected to be a bumper har­vest in Spain, with an esti­mated pro­duc­tion of nearly 1.6 mil­lion tons.

In the first two months of 2020/21, Spain has already pro­duced 279,300 tons, accord­ing to the min­istry, an increase of 31 per­cent com­pared to the same time last year, in which a total of 1.125 mil­lion tons were pro­duced.

In spite of the bumper har­vest, olive oil end­ing stocks have also decreased com­pared to the pre­vi­ous crop year, with 515,000 tons in stor­age com­pared to 700,000 tons for the same months in 2019/20.


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