Olive Oil Exports from Spain Reach Record High, Defying Production Hurdles

Spanish olive oil exports exceeded €6 billion (AU$10.06 billion) in the 2023-24 crop year, a 54% increase compared to the previous campaign.

The significant increase in value came despite Spain exporting 742,500 metric tons, which is only 3,600 more tons of olive oil than the country shipped abroad in 2022-23.

Officials said high olive oil prices were the main driver behind the significant increase in export revenues.

According to the Ministry of Agriculture, Fisheries and Food, the average price for olive oil exports was €8 ($AU13.42) per kilogram, 57% higher than the average for the previous crop year. Export prices peaked at €8.75 ($AU14.68) in March.

Italy remained the leading destination for Spanish olive oil exports, followed by the United States, where exports exceeded €1 billion ($AU 1.67 billion) for the first time, France and Portugal.

According to the ministry, virgin and extra virgin olive oil comprised 69% of the exports, while refined olive oil made up 29% and lampante represented the remaining 2%.

The news of the revenue rebound comes as the 2024-25 crop year shifts into full gear.

According to a recent meeting of the Olive Oil Sector Board, production is expected to reach 1.29 million tons, a significant increase from 854,500 tons in 2023-24 and 666,000 tons in 2022-23.

The Olive Oil Sector board attributed the production rebound to “good crop conditions in many of the producing areas, thanks to the rains that have fallen in recent weeks.” More