The IOC raises its forecast for world production of olive oil to 3,131,000 t.

The IOC raises its forecast for world production of olive oil to 3,131,000 t.

2018/11/28 - The International Olive Council (IOC) foresees that the world production of olive oil will be around 3,131,000 tons in the 2018/19 season compared to the 3,064,000 tons estimated last October, which entails a decrease by 5.5% regadring the previous season.

According to the figures of this organization up until November, of the total production of olive oil, 2,219,000 t. correspond to the EU, 1.5% more than in the 2017/18 campaign. For Spain, the IOC foresees 1,598,900 tonnes, 26.8% more than last season.

In the case of Italy, it estimates 265,000 tons (-38.2%), followed by Greece (225,000 tons, -34.9%), Portugal (115,000 tons, -14.6%), Cyprus (6.00 tons), similar to the previous campaign); France (5,900 t., Similar to the previous season); Croatia (3,000 t., -23%); and Slovenia (400 t., similar figure to 2017/18).

Behind the EU countries stand Morocco (200,000 tons, + 42.8%), Turkey (183,000 tons, -30.4%), Tunisia (120,000 tons, -57.1%) and Algeria ( 76,500 t., -7.2%).

Exports and imports
According to the data that the IOC is considering, world consumption will be 2,950,500 tons, which represents a decrease of 1.9% compared to the previous season. The EU will continue to lead consumption, with a total of 1,529,000 tons (-3.4%), followed by the United States, with 315,500 tons. (+ 0.15%); and Morocco, with 140,000 t. (+ 16.6%).

Regarding global exports, this agency estimates a total of 844,500 tons of olive oil, which would mean a decrease of 10.6% compared to the previous season, which registered 945,500 t .. The EU also leads sales abroad of this product, with 573,000 tons (+ 1.6%), followed by Tunisia, with 130,000 tons. (-35%).

On the other hand, global imports will be 874,500 tons, which represents a downturn of 6.5% over the previous season. The United States will continue as the main buyer of olive oil, with 310,000 t. (-0.16%).

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