Provisional data available from the International Olive Council (IOC) provide for a 28% increase in olive oil production this year compared to the penultimate year.
Production stood at 3,315,000 tons for the 2017/2018 crop year, up 723,500 tons compared to last year.
The largest increase was recorded by Tunisia 280,000 tons, an increase of 180% compared to last year.
Italy also enjoyed a good season with production of 428,900 tons, an increase of 135%.
According to the IOC, olive oil consumption also grew by 9% during the 2017/18 crop year, reaching 2,958,000 tons.
In addition to consumption, imports also increased in seven of the eight IOC reference markets.
These markets are generally those of countries that consume more olive oil than they produce, with the exception of the EU where imports from third countries have increased by 91% during the season harvests.
Tunisia’s exports were the main factor behind this rise.
World prices for extra virgin olive oil in the four largest producing countries remained “relatively stable” throughout the year, but declined in September.
On the basis of official country data and estimates by the IOC Executive Secretariat, world olive oil production in 2018/20 is expected to fall by 7.6% to 3,064,000 tons. The consumption of olive oil should remain at a similar level.
Nevertheless, the EU is expected to increase production by 1.1%, mainly in Spain. Italy,
Greece and Portugal should all experience a decrease. Outside the EU, production in Algeria, Argentina, Egypt, Tunisia and Turkey is also expected to fall, according to IOC forecasts