NEWS 19 JUNE 2017

The fall forecast we reproduced in last October’s News nearly matched output by this spring. Italy’s dismal production levels of 150,000 tons continued this season as well, losing 2nd place to Greece (250,000 tons) while sharing 3rd place with Turkey. Global leader Spain with 1.3 million tons has exported a record number of 400,000 tons to Italy who continues to buy olive oil from other Mediterranean producers to meet domestic demand of over 500,000 tons and exports of 400,000 tons, underlining the fact that Italian olive oil sold in the USA is simply bottled there. Spain leads the world in exports to the USA with 120,000 tons or 40% of total US imports. This season cyclical lower production in the Mediterranean has kept prices at the shelves high for another year.

Source: El Pais (largest Spanish Daily)