W14 Olive and Olive Oil Update: Increased Exports in Spain and Türkiye, Shortage of Seedlings Looms in Spain

Published 2024년 4월 11일

In W14 in the olive and olive oil landscape, Spain's olive cultivation reached 27.89 million acres in 2023, showing a 0.73% YoY increase. However, the supply of the new seedlings is short, due to high production cost, falling prices for almonds and peanuts, and rising interest from private groups and investment funds. In addition, olive oil exports in Andalusia, Spain, increased by 80.6% YoY to 362.7 million in Jan-24, with Italy, US and Portugal being the top three importers. Seville was the largest export region with an export value of USD 204.9 million. Lastly, the exports of olive oil and olives in Aydın, Türkiye reached USD 66 million in Mar-24.

Olive Cultivation in Spain Increases, but Shortage of Seedlings Looms

According to Spain's Ministry of Agriculture (MOA), the country's olive cultivation increased to 27.89 million acres in 2023, up by 0.73% compared to 2022. The 2023/24 olive and olive oil harvest has been completed, and farmers are preparing to plant new olive trees. However, there is a shortage of new seedlings to meet the growing demand, and new deliveries will only begin after 2025. The scarcity is due to several factors, including high producer olive oil prices, falling prices for almonds and peanuts, and rising interest from private groups and investment funds. Although olive oil prices have dropped from their historical highs, they are still above the historical average.

Olive Oil Exports in Andalusia, Spain Increased by 80.6% You in Jan-24

Olive oil exports in Andalusia, Spain, witnessed a remarkable 80.6% year-on-year (YoY) increase, reaching USD 362.7 million (EUR 390 million) in Jan-24. The export volume was 54.44 thousand metric tons (mt), which increased by 19.4% YoY, signaling a recovery from previous challenges like drought. Seville emerged as the largest export region with an export value of USD 204.9 million (EUR 190.6 million) (+60.5%), followed by Cordoba, with USD 91 million (EUR 84.65 million) (+74.1%) and Malaga, with USD 52.6 million (EUR 48.9 million) (+107.1%).

Italy was the biggest importer, purchasing olive oil worth USD 108.7 million and experiencing a YoY growth of 193%. The United States (US) ranked second, with imports worth USD 81.54 million (+94.9%). Portugal was the third, importing USD 59.81 million (+38.26%). France was the fourth, with imports worth USD 41.38 million (+92.5%) in Jan-24.

Olive Oil and Olives Exports in Aydın, Türkiye, Reached USD 66 million in Mar-24

In Mar-24, the olive oil and olives export in Aydın, Türkiye reached USD 66 million. The export figures have been consistently increasing, indicating a positive trend in the industry.