The European Commission announced last week the start of the observatory of table olives and olive oil market. It joins the seven observatories already operational (milk, meat, sugar, field crops, fruits and vegetables, wine and fertilizers). These observatories communicate price and production data.
Europe, world leader in olive oil
The European Union is the leading producer, consumer and exporter ofolive oil on the global market. This production is essential to the agricultural sectors of Spain, Italy and Greece in particular. However, production is subject to climatic hazards, which have also led to a fall of the harvest 24% compared to the average over the last campaign. The last two harvests were poor, increasing stocks and contributing to soaring prices.
Read also: The price of olive oil has doubled in two years
A more promising 2024/2025 campaign
According to Brussels, the harvest should, for the 2024/2025 campaign, return to more usual levels. According to the USDA, the next EU harvest is expected to reach 2 million tonnes (+25%). Spain, which produces two thirds of Community olives, should see its production rebound (+69%). Tunisia also anticipates a rebound of the same magnitude (+70%). However, both USDA and European experts judge that prices should remain high, while stocks are empty.
