Olive oil production in Spain has increased significantly compared with former campaigns, according to data released by the Ministry of Agriculture, Fisheries and Food, with a total of 1,417,400 tons of oil produced in the month of January.
The total amount of olive oil produced represents a 33-percent increase with respect to the previous campaign and a 36-percent average increase in the last four weeks.
According to data released on January 31, the total volume of olives milled was recorded at 7,467,273 tons, with an average output of 18.98 percent, placing it slightly more than a point below other figures from the same dates of previous campaigns. According to the data, the 2018/19 campaign surpasses those of the past by one-third.
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In the last three months, sales have increased as well, with 139,700 tons of olive oil marketed in January. That quantity has allowed the current campaign to reach maximum levels, elevating the total volume that has been sold to 488,200 tons. This is due to the the increase in demand of the domestic market, as well as increasing exports.
The provisional data for imports, recorded in the month of January, are estimated at 63,400 tons. There has been a 12-percent increase of exports in comparison to the previous campaign, with the interim data from January estimated at 307,100 tons. This also represents a nine-percent increase in relation to the previous four campaigns.
Sales in the domestic market have increased by seven percent compared to the previous campaign and two percent compared to the preceding four campaigns.
Meanwhile, the total leading stocks of mills and bottling plants in the world’s largest producer of olive oil has increased to 1,368,200 tons, which is the maximum quantity recorded for this month in comparison to the same month in previous campaigns.
The price of olive oil in Spain continues to decrease as well, and there has been a 30-percent average decrease in mid-February, in comparison to the same period of the previous year.
The average price for olive oil in Spain is around €2.38 ($2.68) per liter, in contrast to the €3.70 ($4.59) price that was recorded in February 2018. Refined pomace olive oil had the biggest price decrease, a total drop of 42 percent, with the current price standing at €1.26 ($1.42). Lampante oil and refined oils follow with a 33-percent decrease, situating them at €2.20 ($2.47) and €2.50 ($2.81), respectively.
Virgin olive oil had one of the lowest price decreases, which fell by 30.8 percent and is currently priced at €2.37 ($2.67). Extra virgin oil prices decreased by 25 percent, falling to €2.68 ($3.01) per liter.