Olive

Spain

Crespo Highlights the Strength of the Andalusian Olive Grove Whose Challenges Are Modernisation and Water

Carmen Crespo, the Junta de Andalucía's Minister of Agriculture, Fisheries, Water, and Rural Development, declared in front of the legislature that the olive grove is, given that we are global leaders, one of the most thriving sectors in Andalusia, Spain, and the entire world. Crespo has noted that it must currently deal with "the lack of water as a result of the drought, an important current issue that we will continue to face in the future. This is one of many challenges that it faces. Carmen Crespo noted that over the past four years, the Ministry of Agriculture has spent USD 69.59M on specialized aid to modernize olive farms and industries.

Virgin Olive Oil

Spain

Extra Virgin Olive Oil, the Spaniards Attacking Italian Oil

Spain is asking to keep the limit of 1K sterols, but doing so would "outlaw" the Coratina variety, which accounts for 50% of Italian extra virgin olive oil production. The limit of sterols in extra virgin olive oil, which the Spaniards want to keep at current levels (1K mg/kg) and the Italians lower (800-850), is being debated to prevent the Coratina variety, which accounts for 50–60% of Italy's total production. The excellent extra virgin olive oil from Coratina, as well as Nocellara del Belice, loses value when sterol levels are capped at 1K mg/kg, bringing them to the same level as Spanish extra virgin olive oil or less.

From USD 3.82, olive oil now is USD 2.29

The temporary elimination of the VAT on essential foods and significant social benefits is one of the strategies being used in Spain to combat inflation. The government attempted to lower some product prices, but the results were not what people liked. Olive oil's price was reduced from 10% to 5%, however, in just one year, it rose from USD 3.82 to USD 6.01-8.74/liter. The oil returned to its price of USD 2.29-2.57/liter.

Portugal

Portugal Increases the Marketing of Olive Oil Abroad by 51% In 2022

Except for the regions of Mercado de Beira Litoral and Beira Interior, which have medium quality due to phytosanitary issues, the 2022/2023 olive oil marketing campaign in Portugal from the end of February to the beginning of March represents an excellent product in terms of quality. Extra virgin olive oil prices in particular have increased by 81.9% compared to the previous campaign, increasing by 58.2% for bulk purchases of EVOO and by an average of 58.2% over the three years 2020-2022. A low campaign year combined with unfavorable meteorological conditions, particularly an acute drought and hot heat, resulted in a significant decline in production during this campaign.

Turkiye

Highest January-February Exports of All Time From the Agricultural Sector of Turkiye

At USD 5.43B, the Turkish agricultural industry exported the most ever in January-February. The Kahramanmaraş-centered earthquakes caused some economic hardships, but the agricultural industry is still breaking export records. Five out of ten agriculturally related industries set new export records. Olives and olive oil generated USD 201.22M, which is a 140.2% YoY rise in olives and olive oil compared to the previous year.