The US already pays more for Spanish olive oil than for Italian olive oil

For the first time in the American market, Spanish olive oil has surpassed Italian olive oil in price, selling at 8.81 euros/kilo compared to 8.62 euros/kilo for Italian oil. This shift, labeled as a 'historic change' by the Spanish Olive Oil Interprofessional Association, highlights a shift in consumer preference towards Spanish olive oil, despite the United States' historical lean towards Italian oil. This success comes amidst production challenges in Spain due to drought-related harvest reductions. The association attributes this success to a growing recognition of the superior quality of Spanish olive oil, as demonstrated by a 20.50% increase in Spanish oil exports to the United States between the first half of 2023 and 2024, reaching 70,000 tonnes. This surge has led to a record turnover of over 611 million euros in the first half of 2024, a 105% increase from the previous year. The price gap between Spanish and Italian olive oils has narrowed significantly, with Spanish oil now costing around 25% more than in previous years.