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News | Dec 11 2018

Olive Oil Exports Reach New Record High

The 2018/2019 campaign has kicked off with exports peaking and strong sales

Olive Oil Exports Reach New Record High

Spain’s liquid gold is beating records. In the first month of the 2018/19 campaign, exports have already reached a new record high, according to the Olive Oil Market Bulletin, published by the Spanish Ministry.

In reality, olive collection was delayed this year due to late ripening by the olives coupled with rain. As a result, production was lower; however, there was a larger amount of oil available from previous campaigns, which allowed for this positive data at the beginning of this one.

Total sales amounted to 117,300 tons and exports peaked during the first month according to diariodegastronomia.com. Moreover, olive oil prices have risen slightly in the last few weeks in the context of widespread increases in international markets.

Production during the first month amounted to 7,100 tons, which is technically 75% less year-on-year and 69% less than the average of the last four years. The volume of olives milled totaled 59,581 tons, with an average yield of 11.59%, i.e. 3 percentage points less in year-on-year terms. However, it’s also worth noting that imports in October were estimated to be around 11,000 tons, while exports totaled 85,000 tons, up 7% with respect to the previous campaign and 24% compared with the average of the last four campaigns.

Olive Oil Exports Reach New Record High. Dpto. Multimedia / @ICEX
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