Spanish olive oil exports suffer from the poor harvest with no signs of change

Olive Oil

Spain

Market & Price Trends

Published Mar 3, 2024

Tridge summary

In 2023, Spanish olive oil exports experienced a significant drop of 35.8% due to a poor olive oil campaign. The decrease in production resulted in a sharp decline in volume, with only a minor decrease in imports of olive oil from other countries by 2.3%. The Spanish Association of the Olive Oil Industry and Export Trade (Asoliva) attributes this to a lack of availability and increased prices. Portugal, Tunisia, and Turkey were the main importers of Spanish olive oil in 2023. Despite the export decline, olive production in Spain saw a 25% increase from October to January, compared to the first four months of the previous campaign.

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Original content

The poor olive oil campaign reduced Spanish exports by 35.8% in 2023, a trend that is on track to be repeated this year, according to estimates from the sector in Spain, which competes with other Mediterranean countries. Data from the Ministry of Industry, Commerce and Tourism show that foreign sales of Spanish olive oil last year totaled 684,500 tons worth 4,148 million euros. Faced with the sharp decrease in volume, imports of olive oil from other countries barely decreased by 2.3% annually, standing at 213,300 tons for 1,131 million euros. The managing director of the Spanish Association of the Olive Oil Industry and Export Trade (Asoliva), Rafael Pico, explains to Efeagro that these figures were predictable, since "where there is none, it cannot be exported", in reference to the production in Spain fell by half in the last 2022-2023 campaign. With a diminished availability of oil and prices tripled at origin, the worst part has been borne by Spanish bulk exports, which is "a ...

Source: PEefeagro