News

Olive oil stocks in Europe are at a 10-year low

Published May 22, 2024

Tridge summary

The EU's olive oil production is expected to rise by 7% to 1.489 million tons in 2023/24, though this remains 28% below the five-year average. Despite starting with 406,000 tons in stock, ending stocks are predicted to drop to 365,000 tons due to increased imports. Olive oil stocks in Europe are at a decade low, and higher prices have reduced demand, with EU consumption forecasted to fall to 1.189 million tons, 18.6% below the five-year average. Consumption in major countries like Spain, Italy, Portugal, and Greece is expected to decrease to 900,000 tons, and per capita consumption in the EU is projected to decline to 2.6 kg.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the latest short-term forecast of the agricultural sector, the production of olive oil in the EU will increase by 7% compared to 2022/23 and reach 1.489 million tons, writes "UkrAgroConsult". The current yield remains 28% below the five-year average. Opening stocks stood at 406,000t and ending stocks are expected to decline to 365,000t due to renewed imports from traditional trading partners such as Turkey and Tunisia and Southern Hemisphere producers including Argentina and Chile. Olive oil stocks in Europe have reached a ten-year low. "While the level of initial stocks may appear acceptable, this is largely due to lower demand both in the EU and globally," the commission wrote. As olive oil prices have risen significantly over the past two years, Brussels reported that many consumers have switched to cheaper cooking oils or reduced their olive oil consumption. EU consumption is expected to decline to 1.189 million tonnes, which is 18.6% below the five-year average. ...
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