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: Demand also dropped by 24 percent in the US and 8 percent in Japan. According to 2016 statistics, the per capita consumption of olive oil in Spain was highest in Galacia, Asturias, Cantabria, and La Roija, all regions in which the average consumption surpassed 10 litres per person annually. Copyright: Tono Balaguer/Shutterstock.com
One reason for this may be the glut of olive oil. Producers in Tunisia, Morocco and Turkey have expanded production. 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.