Olive oil prices are soaring worldwide, mainly due to unfavorable weather conditions in Spain, one of the world’s leading producers of this precious commodity.
The price of a ton of olive oil on the international market, reached almost 6,269 dollars in April last year, up 45% on the previous year. This unprecedented situation, the highest since the International Monetary Fund (IMF) began collecting statistics in 1990, is the result of a severe drought that has affected several producing countries, including Spain.
Spain, which accounts for 40% of the world’s olive oil production, has been facing high temperatures and water shortages for several months, which have affected its olive trees.
Faced with this worrying situation, the Spanish authorities have already forecast a harvest limited to 680,000 tons for the 2023/2024 season, less than half the five-year average of 1.37 million tons.
However, this crisis is also an opportunity for Tunisia. According to observers, the country could use this opportunity to strengthen its presence in the global olive oil market.
As the world leader in olive oil exports outside the European Union, Tunisia is well placed to take advantage of Spain’s difficulties.
The 2023/2024 season looks more promising after a mixed harvest last year due to drought.
According to the US Department of Agriculture (USDA), Tunisian olive trees will benefit from favorable conditions this year thanks to a phenomenon known as “biennial alternation”.
As a result, production is expected to reach almost 250,000 tons, compared with 180,000 tons last year.
In this favorable context, Tunisia’s exports could reach 200,000 tons in the 2023/2024 campaign, generating significant revenue for the country at a high average price per ton of olive oil.