Title: Olive Oil Exports Boom Out of Spain, Producing 40% of Global Supply in Andalucía Alone
Headings: Spain’s Olive Oil Industry Export Turnover Exceeds 2 Billion Euros
Spain’s Olive Oil Industry Export Turnover Exceeds 2 Billion Euros
Katrina Pirner
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Content: The lower cost of production in these countries combined with excess supply of olive oil had a marked impact on the product’s price. Specifically, virgin olive oil prices fell by 25 percent between October and May, representing a 4 percent decline from the five-year average for the same period. Still, there are reasons to remain bullish about Spain’s olive oil industry. Exports to China, Brazil and Australia have increased. It is also expected that demand more generally will increase as countries’ supplies of olive oil decline. While production in Spain may have been 15 percent lower over this period, it still remained considerably higher than its nearest competitors. Moreover, this year’s damp spring resulted in the Ministry increasing its olive oil production estimated for 2018/2019. The EU estimates that by 2026, Spanish production of olive oil will increase by 10 percent. One area in which Spain has a particular comparative advantage is the production of organic olive oil. While the consumption of organic food used to be limited to fruits and vegetables, there has been an increase in demand for other organic staples such as olive oil.