Tunisia has recorded record growth in revenues from olive oil exports despite the coronavirus crisis according to figures released by Tunisia’s Office National de l’Huille (ONH).
The North African country exported 146,000 tons of olive oil in the first three months of 2020 which generated revenue of around 896 million Tunisian Dinars ($310 million).
During the same period in 2019 the country’s exports stood at 80,000 tons worth 740 million TND in revenue ($255 million).
Chokri Bayoudh, president and CEO of ONH was keen to point out that although exports had slowed during the coronavirus crisis, the country had seen relative success in continuing activity and reaching foreign markets.
According to Bayoudh, Tunisia had continued to export olive oil and meet its market commitments despite the country’s trade suspension and an almost complete halt placed on overseas shipments due to COVID-19.
From the beginning of November 2019 until the end of March 2020, Tunisian olive oil exports reached 300,000 tons and exceeded the country’s goals of exporting 250,000 tons of olive oil with expected revenue of around 2 billion TND ($690 million).
Last summer, Tunisia’s Ministry of Agriculture had predicted a promising upcoming olive oil season with expectations that production would reach 350,000 tons.
The European Union remains Tunisia’s main market with most of the country’s olive oil going to Italy and Spain.
Bayoudh attributed the country’s 20-percent price drop to international supply and demand.