The world production of olive oil in 2023/2024 is expected to reach 3.2 million tons, 24% more than the production corresponding to the 2022/2023 campaign, according to the report "Oilseeds: World Markets and Trade", published this May by the United States Department of Agriculture. The increase in production and trade will mainly be due to improved crop conditions in the EU, the world's largest producer, consumer and exporter of olive oil. Global consumption is expected to rebound to 2.9 million tonnes as low carryover from the current year limits total supply in 2023/24. Olive oil is considered a premium vegetable oil, so the recovery in consumption will be slower in the price-sensitive countries of the Middle East and North Africa, which continue to face food inflation and high prices. oil export prices
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The world production of olive oil in 2023/2024 is expected to reach 3.2 million tons, 24% more than the production corresponding to the 2022/2023 campaign, according to the report "Oilseeds: World Markets and Trade", published this May by the United States Department of Agriculture. The increase in production and trade will mainly be due to improved crop conditions in the EU, the world's largest producer, consumer and exporter of olive oil. Global consumption is expected to rebound to 2.9 million tonnes as low carryover from the current year limits total supply in 2023/24. Olive oil is considered a premium vegetable oil, so the recovery in consumption will be slower in the price-sensitive countries of the Middle East and North Africa, which continue to face food inflation and high prices. Olive oil export prices. World exports are estimated to grow by 7% due to increased supplies from major producers. At the same time, world imports are expected to increase and world stocks to ...
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