`Production Up, Consumption Down in Greece - Olive Oil Times
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Production Up, Consumption Down in Greece

By Costas Vasilopoulos
Dec. 1, 2012 18:30 UTC
Summary Summary

Olive oil pro­duc­tion in Greece is expected to increase to 350,000 tons for the cur­rent sea­son, but con­sump­tion is pre­dicted to drop to 210,000 tons due to eco­nomic fac­tors. Despite this, olive oil exports are expected to remain sta­ble at around 100,000 tons per year, with a grow­ing trend towards new mar­kets like Russia and China.

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.

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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.


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