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.
AdSpeed_display(40687);
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.
Related Articles
Feb. 19, 2024
A Dismal Harvest Concludes in Greece
With the country’s olive oil production almost halved compared to last year, record prices at origin have shaped a market searching for equilibrium.
Feb. 23, 2024
World Trade Organization Finds U.S. Noncompliant in Table Olive Trade Spat
The WTO ruled that the U.S. must remove tariffs on Spanish table olive imports, while a separate case is pending in the Court of Appeals.
Dec. 18, 2023
Tunisia Takes Measures to Lower Olive Oil Prices at Home as Export Revenues Fall
Low fixed prices for Tunisian bulk exports to Europe mean Tunisian farmers are not benefiting from the surge in global olive oil prices.
Jan. 3, 2024
Upstart Belgian Importer Stakes Claim on the World Stage
The founders of ASUR source award-winning oils from Greece to sell in Belgium and the Netherlands, facing challenges associated with nascent olive oil markets.
Jul. 26, 2023
Mediterranean Diet Associated with Successful Aging, Study Finds
Researchers found that Greeks who followed the Mediterranean diet were healthier and more active as they aged than those who followed the diet less closely.
Sep. 18, 2023
Storms in Greece Flood Olive Groves, Damage Trees
Heavy rain and hailstorms swept across Greece, damaging olive trees ahead of the upcoming harvest and raising concerns over the spread of disease.
Jul. 26, 2023
Europe Confirms Steep Decline in Olive Oil Production
In the bloc’s latest short-term agricultural outlook report, E.U. experts said the poor harvest and low stocks will keep pressure on prices.
Mar. 6, 2024
US Surpasses Spain as Second-Largest Olive Oil Consumer
Experts predict the U.S. will overtake Italy to become the world’s largest consumer of olive oil.