NEWS JAN 2018
As harvest approaches the end of its 2017-18 crop, global production estimates have become more accurate. The Mediterranean harvest sees global leader Spain drop by 15% to 1,000,000 metric tons, Italy edge back up to 2nd place with 320,000 tons (+78%) ahead of Greece with 300,000 tons (+54%), followed by surging Turkey, Tunisia and Morocco. Greece retains the highest EVOO ratio in its harvest. Global annual production will reach 2,894,000 tons exceeded by consumption of 2,954,000 tons drawing on last year’s reserves. Interestingly enough, the production estimate of table olives matches that of olive oil with 2,953,000. Outside the Mediterranean basin, Australia will produce 21,000 tons and Chile 16,500. The USA, which grew its production from 2,000 tons to 15,000 tons in the last 10 years, is the world’s largest importer with over 300,000 tons forecasted for 2018, closing towards 1 litter consumed per person annually as opposed to the EU’s 3 liters per capita.