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The production of olive oil in Italy, at historic lows

The production of olive oil in Italy, at historic lows

2019/30/01 - The latest data of the Istituto di Servizi per il Mercato Agricolo Alimentare (Ismea) point to an olive oil production in Italy this campaign of 185,000 tons, which represents a decrease of 57% regarding the previous season and "one of the worst crops of the history of Italy."
This production figure is lower than the estimates, no longer optimistic, presented in October, according to Ismea.

In particular, the southern regions showed the greatest losses, with Puglia at the head, which represents approximately half of the national production and which has been affected by an estimated fall of around 65% due to frost and problems due to phytosanitary products that have affected the region.

In the last six years -has underlined the Ismea- this is already the third time that the campaign of "discharge" is presented with a productive flexion that goes beyond the physiological alternation, due to the frequency with which adverse weather events occur.

In addition, this institition has stressed that the effects of the shortage of the product have already appeared in the market. In fact, the prices of extra virgin olive oil reached 5.60 euros in the month of December (+40% compared to June), with values ​​above 7 euros per kilo in Sicily and close to 6 euros in Bari.

Despite these recoveries, the comparison of prices on an annual basis is also negative due to the pressure determined by the Spanish market which, on the other hand, will have an abundant production campaign, according to Ismea.

Thus, this institute has indicated that, according to the latest estimates, production in Spain will reach 1.6 million tons (+24% compared to 2017), which is causing a decline in Spanish prices and also affecting the Greek and Tunisian markets, where production is expected to fall by more than 30%.
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