Global olive oil production could fall by 5.5% in 2023/24

Olive Oil

Portugal

Turkiye

Published Dec 8, 2023

Tridge summary

Global olive oil production is projected to decrease by 5.5% in the 2023/24 campaign compared to the previous one due to expected decreases in non-EU producing countries, with a slight recovery in EU production. The EU is expected to produce 1.5% more olive oil than the previous campaign, with Spain, Italy, and Portugal showing production improvements but a sharp drop expected in Greece. Despite the decrease in production, global consumption is projected to be higher than production, leading to a drop in final stock levels in the EU.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

World olive oil production could reach 2,414 million tons in the current 2023/24 campaign, which would represent a drop of 5.5% compared to the previous one, according to data collected by the European Commission in a report. about this market published on December 1. This decrease would be due to the expected decrease in non-EU producing countries, since community production will recover slightly compared to the sharp decline of the previous campaign. Third countries producing olive oil could reach, together, 1,002 million tons, 13% less than in 2022/23, while the EU could obtain 1,413 million, 1.5% more than in the last campaign , although far from the average of previous years. In the EU, according to the data communicated to Brussels by the Member States, production will improve in Spain (766,000 tons), Italy (289,000 tons) and Portugal (150,000 tons), but a sharp drop is expected in Greece (195,000 tons, compared to 345,000 in 2022/23). Outside the EU, a volume of 200,000 ...

Source: Agropopular