Recovery in production olive oil for the 2021/22 growing season, according to the latest official data from Commission.
The increase in production this season reached 11%, reaching nearly 2.3 million metric tons. This was also supported by increases in yields of 7% for olives and 6% for olive oil.
However, the situation is mixed across the main producing countries. While olive yields were lower by 9%, this was offset by a higher oil content (+17%).
On the contrary, Greek production fell by 16% due to lower oil content (-33%), despite the higher yields for table olives (+54%).
Following the initial shock caused by the Russian invasion of Ukraine, EU olive oil prices may have fallen slightly, but they remain well above the 5-year average.
Domestic prices for extra virgin olive oil are approximately 340 EUR/100 kg (19% and 16% above the 5-year average, respectively). Prices are likely to remain high due to the continued high inflow and increased transportation costs.
At the same time, the consumer price of olive oil in the EU continues to rise. In May, it was 16% higher than the previous year (19% for butter, 45% for other edible oils). However, olive oil consumption in the EU continues to rise thanks to steady retail sales and the recovery of the foodservice sector.
EU exports for the October–March period are 9% lower than in the same period last year, while imports are much lower (-26%), due to lower shipments from Tunisia despite a good harvest there.
