Olive oil prices are on the rise

According to experts, there is an upward trend in the growth of prices for olive oil. The price rose to a high level in the last week of March 2023.

At the moment, selling prices for olive oil from factories have reached their maximum level. For the 2022/2023 season extra virgin olive oil prices rose by more than 40% in the last week of March, compared to the same period of the previous agricultural year. According to the latest data from the International Olive Council (Chania, Greece), the average price of extra virgin olive oil during this period was approximately 279.9 euros per 100 kg. The maximum and minimum prices were 475 euros and 182 euros per 100 kg respectively. At the same time, extra virgin olive oil has risen in price to 465 euros per 100 kg (an increase of 45.3% compared to the same period of the previous agricultural year).

Spain
In Spain, the average price of extra virgin olive oil during this period was about 291.5 euros per 100 kg. The maximum and minimum prices were 536 euros and 174.3 euros per 100 kg respectively. At the same time, extra virgin olive oil reached 519 euros per 100 kg (an increase of 43.2% compared to the same period of the previous agricultural year).

Italy
In Bari, in Italy, the average price was about 428 euros per 100 kg. The maximum and minimum prices were 614 euros and 221 euros per 100 kg respectively. According to the latest IOE data, the cost of extra virgin olive oil has reached 603 euros per 100 kg (an increase of 40.9% compared to the same period of the previous agricultural year).

Imports also increased
Since the start of this year’s 2022/2023 agricultural season, imports of olive oil and table olives have increased by 11.8% and 9.5% respectively. In particular, from October 2022 to January 2023, the import of extra virgin olive oil to the main markets amounted to 274,751 tons (11.8% compared to the same period of the previous agricultural year).

It should be noted that a total of seven markets account for approximately 80% of olive and extra virgin olive oil imports worldwide: USA 35%, European Union 17%, Brazil 8%, Japan 6%, Canada 5%, China 4% and Australia 3%.

In terms of table olives, five markets account for approximately 67% of global imports: the US 24%, Brazil 18%, the European Union 17%, Canada 5% and Australia 3%.

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