European olive oil producers seek alternatives to the American market

European olive oil exporters are looking for new markets as a potential tariff hike in the US could weaken their position compared to Turkey and Tunisia. While they are trying to expand their presence in Asia, particularly in India and China, experts say the slow adoption of olive oil in Asian cuisines will not offset the loss of sales in the US. Cultural food preferences remain a major obstacle to growing demand. According to the US Department of Agriculture, the US imported $1.5 billion worth of olive oil from Italy, Spain and Greece in 2023. Total imports amounted to $2.2 billion, including $428 million from Turkey and Tunisia. In contrast, India, China, Japan and South Korea together imported $477 million worth of oil, less than a third of the three European countries’ exports to the US. Christopher Clegg, a trade consultant in Malaysia, notes that Asian markets have limited potential. “What producers lose to tariffs in the U.S., they don’t make up for in Asia,” he told ...