`Spain's 2014-2015 Production Off by Half

Europe

Spain's 2014-2015 Production Off by Half

Oct. 30, 2015
Erin Ridley

Recent News

Yes­ter­day, dur­ing a sec­to­r­ial round­table, Spain’s Min­istry of Agri­cul­ture, Food and Envi­ron­ment pre­sented the over­all results of the country’s 2014 – 2015 olive oil pro­duc­tion sea­son, end­ing Sep­tem­ber 30th. The data revealed a decrease in pro­duc­tion down 841,700 tons, a 53 per­cent reduc­tion from the year prior, and 38 per­cent less than the aver­age of the last four sea­sons.

Based on pro­vi­sional Sep­tem­ber num­bers, they esti­mated that exports dur­ing 2014 – 2015 reached 825,700 tons, 25 per­cent less than the pre­vi­ous pro­duc­tion sea­sons, and 4 per­cent off the aver­age of the last four before that. Imports, on the other hand, came in at 158,000 tons, based on September’s ten­ta­tive num­bers.

Total olive oil sales went down, as well, though remained rel­a­tively high, tal­ly­ing 1,319,200 tons, a decrease of 19.5 per­cent from last year, and 6 per­cent less than the aver­age of the four ear­lier sea­sons.

Mean­while, cur­rent remain­ing olive oil stock has dipped 63 per­cent from the aver­age of the past four years, and sits at 180,900 tons. This includes 57,700 tons stored at olive mills and another 123,200 tons kept at refiner­ies, pack­agers and other oper­a­tors.

The round­table also dis­cussed the cur­rent mar­ket over the course of this last month, and how ris­ing olive oil prices have started com­ing down in antic­i­pa­tion of the har­vest to come. Indeed, ear­lier this week, the gov­ern­ment of Andalu­sia released their offi­cial esti­mates, which pre­dict Spain’s pro­duc­tion of olive oil in 2015 – 2016 to rebound, reach­ing 1.2 mil­lion tons.

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