USDA forecasts a 15.8% increase in global olive oil production

Published Nov 14, 2023

Tridge summary

The United States Department of Agriculture (USDA) has released initial estimates for the 2023/24 olive and oil campaign, projecting a production of around 3 million tons, a 15.84% increase from the previous campaign. The European Union, which accounts for 70% of the world's olive groves, is expected to reach 1.80 million tons of olive oil production, surpassing the previous year's figure. Turkey, the US, and other producing countries are also expected to contribute to global olive oil production. The USDA also forecasts a 2.9% increase in global vegetable oil production for the upcoming campaign.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Olimerca.- Coinciding with the start of the new olive and oil campaign in the main producing countries, the United States Department of Agriculture (USDA) has just made public some first estimates for the 2023/24 campaign, estimating it at around 3 million tons, 15.84% above the levels of the previous 2022/23 campaign, which stood at 2.49 million tons and which has become the lowest campaign in the last 10 years. By country, the USDA estimates that the European Union, which brings together 70% of the world's olive groves, will reach 1.80 MM tons of olive oil for the 2023/24 campaign, a figure higher than the previous campaign. when it stood at 1.40 million tons. Regarding olive oil production forecasts in third countries, the USDA predicts that Turkey could reach 310,000 tons, 16,000 ...

Source: OliMerca