World Production of Olive Oil will increase by 8.2% in the 2017/18 Campaign, according to GEA

World Production of Olive Oil will increase by 8.2% in the 2017/18 Campaign, according to GEA

2017/11/09 - The world production of olive oil will reach 2,937,631 tons in the 2017/18 season, which means an increase by 8.2% regarding to the previous season, according to the report published by the GEA Center of Excellence of Olive Oil and directed by Rafael Cárdenas, responsible for this entity.

According to this study, the 11.5 million hectares of olive groves spread across the five continents will reach an olive production close to 20.3 million tons in the coming season. Six of the seven largest producers (Spain, Greece, Italy, Tunisia, Turkey and Portugal), which will account for 85.27% of the olive oil world production, will increase slightly.

Specifically, according to GEA, Spain will register an increase of 1.3% over the previous season, reaching a production of 1,298,700 tons; while Greece will again be the second largest producer, very close to Italy, with 294,100 tons (+ 13.1%).

Italy will increase its production by 18.8%, up to 288,600 tons; followed by Tunisia, with just over 202,900 tons and a "spectacular" 202% increase in its production; Turkey, with 200,400 tons and an increase of 13.2%; and Portugal, which will stand at 112,800 tons (+ 20%).

The seventh place in the list would correspond to Morocco, with 107,100 tons of olive oil, 2.5% less than the previous season.

GEA has highlighted that there is much equality in production between Italy and Greece; between Tunisia and Turkey; and between Morocco and Portugal. "While it is true that in the last five years, equality has not been so and Italy's potential (which in 2015/16 reached 474,600 tons) is much higher than that of Greece, as well as Tunisia (which in the 2014/15 production was 340,000 t.) is much larger than that of Turkey," explained Cardenas.

The company has also stressed that Spain clearly maintains its hegemony as the largest producer, although Portugal's production increase is especially striking. In this regard, GEA has stated that the new plantations carried out in the last five years will lead the Portuguese country to a stable production of over 100,000 tons, so this year it is expected to exceed its historical record of 109,100 tons in the 2015/16 campaign and reach 112,800 t. In his opinion, the infrastructures and investments made in the Alentejo area are the key to explain this steady growth in recent years.

Slight increase in prices
On the other hand, GEA has remarked that the planned link with the 2017/18 campaign will be below 200,000 tons, so it will be 'technically zero'. "This figure, along with the stability in production compared to the previous season and the data of a slight increase in consumption, suggest that the market will have a very stable price evolution at around 4 €/kg. with slight rebounds in their case caused by changing weather conditions, until the end of the upcoming campaign," highlighted Cardenas.

In his opinion, this price stability is significant, since in the last decade there have been oscillations in the same campaign of more than 34%. For this reason, Cardenas believes that this stability is "very positive."

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