USDA economists project that production will rise in Europe and Tunisia.
Original content
According to preliminary estimates from the United States Department of Agriculture, global olive oil production is expected to rebound in the upcoming 2023/24 crop year. USDA economists forecast production to reach 3.20 million tons in 2023/24, a 24-percent increase compared to last year’s historically poor harvest and just about level with the five-year average of 3.14 million tons. According to the USDA, a significant rebound in the European Union, the world’s largest olive oil-producing entity, will be largely responsible for rising global yields. USDA economists estimate that the E.U. will produce 2.03 million tons in 2023/24, up from 1.50 million tons in 2022/23 and slightly exceeding the five-year average of 2.00 million tons. While the anticipated recovery will depend heavily on flowering conditions and precipitation levels in the spring and autumn, rising production in the bloc will likely be fueled by many groves entering an ‘on-year’ in the olive trees’ natural ...
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