Olive Oil Production Up More Than 25%, Consumption Edges Higher

Provisional data analyzed by the IOC forecasts a 28% increase of olive oil production this year compared with last.
The data, which was provided by both member and non-member countries, indicate the global production will reach 3,315,000 tons for the 2017-18 crop year, an increase of 723,500 tons compared with last year.
Tunisia experienced the largest increase, producing 280,000 tons, which was a 180% increase compared with last year. Italy also had a strong season, producing 428,900 tons, an increase of 135%.
Portugal, Argentina and Greece also experienced large increases, producing an additional 94%, 81% and 77%, compared with last year, respectively.
Meanwhile, Turkey and Morocco enjoyed more moderate increases, producing 48% and 27% more olive oil than last year, respectively. Overall, the European Union (EU) increased olive oil production by 25% compared with last year.
The notable exceptions to the production increases were in Algeria and Spain, which experienced decreases of an estimated 31% and 2.7%, respectively, compared with last year. However, Spain remains the world’s single largest producer with an output of 1,256,200 tons, making up about 38% of the world total.
According to the IOC, olive oil consumption also increased by 9% in the 2017-18 harvest season, reaching 2,958,000 tons.
Along with consumption, imports also increased in 7 of 8 of the IOC’s benchmark markets. These markets are generally characterized as countries that consume more olive oil than they produce, with the exception of the EU.
Imports to Brazil in the 2017-18 crop season grew the most at 29%, followed by Canada at 12%, the United States at 4%, Russia at 2% and both Australia and Japan at 1%. More