Europe expects an increase in exports and a drop in imports in the next olive oil campaign

The 2024/2025 campaign marks the beginning of the recovery in olive oil production in the European Union, with an expected increase of 31% after two years of low production and record prices. Production is expected to reach 2 million tonnes, allowing for greater product availability, driving the gradual fall in prices and consumption growth by 7%, as reflected in the EU's recently published Short-term outlook for EU agricultural markets for autumn 2024. High prices and low availability in previous campaigns During the 2022/2023 and 2023/2024 campaigns, the olive oil sector experienced unusually low production, which pushed prices to unprecedented levels. In January 2024, olive oil prices reached an all-time high in Spain, with extra virgin oil at 903 eur/100 kg, virgin oil at 851 eur/100 kg and lampante oil at 845 eur/100 kg. Although these prices have decreased slightly in recent months, they are still twice the average of the last five years. The low availability of olive oil ...