October was the month when the olive oil harvest began, so we can already advance some figures.
Once again, Spain will be the market leader with a total harvest volume of 1.372.500 Tonnes, which could be around 3% less than last harvest, but it would allow to maintain price stability this year.
The reason for this eventual fall is because of the dry and high temperatures during the summer time and September, instead of there was a great flowering when the last harvest ended. That results in a slight decrease in the great expectations we had during spring.
Italy will reach this year 300.000 Tonnes aprox, which means only 21,86 % of the total Spanish harvest.
Italy will be the main destination of the exports of olive oil from Spain. The Italian harvest covers only 30% of its national consumption and exports, that is why they need to import in bulk, mostly from our country.
Xylella fastidiosa remains a serious problem in Puglia, the largest producing Italian region.
Greece will become this year in the 3rd position in the European Union with a total volume of 240.000 Tonnes, which means less than 17,5% of the Spanish volume.
Portugal, our neighboring country, will reach this year around 130.000 Tonnes, a 20% shorter of the last harvest and around a 9,47% of the Spanish harvest only.
Outside of the European Union, Tunisia will reach 400.000, Turkey 310.000 Tonnes and Morocco 200.000 Tonnes.
Anyway, the climate in the autumn & winter will play a determining factor to confirm or change this forecast. Our colleagues of the Export department will keep you informed!
