Slight recovery in European olive oil production

Published May 10, 2024

Tridge summary

The European Commission's Short-Term Outlook for Agricultural Markets report for Spring 2024 predicts a 7% recovery in the European Union's olive oil production for the 2023 campaign, reaching a historical minimum of up to 1.5 million tons. This recovery is primarily due to increases in Italy, Spain, and Portugal, but is balanced by a 55% decrease in Greece due to adverse weather and pests. Despite this slight recovery, olive oil availability is expected to be at its lowest, 28% below the five-year average. The report also anticipates a reduction in demand both domestically and globally due to high prices, leading to a projected 3% decrease in EU domestic consumption and a 10% decrease in EU exports for 2023/2024.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Short-Term Outlook for Agricultural Markets report for Spring 2024 published by Agriculture and Rural Development of the European Commission, a slight but significant recovery is expected in olive oil production in the European Union during the 2023 campaign. /2024. An increase of 7% compared to the previous year is projected, reaching a historical minimum level of up to 1.5 million tons. However, this figure is still 28% lower than the five-year average. This recovery is mainly attributed to a 37% increase in Italy, which is in a fruitful productive cycle, as well as a 27% recovery in Spain and a 19% growth in Portugal, the latter being the second highest in the history. On the contrary, Greece experienced a negative evolution of 55% due to adverse weather and the appearance of pests, like other producing countries affected by pests and fungal diseases. Despite this slight recovery, below-average opening stocks (406,000 tonnes) result in the lowest olive oil ...
Source: Oleorevista
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