Olive oil: production to increase by almost 160%
November 27, 2024 at 12:52 PM ,
Der AUDITOR
Olive crop estimated at 3.6 million mt
After the ‘off-year’ 2023, in which the olive crop in Turkey was noticeably smaller, the 2024 crop was able to achieve a significantly better result again, according to reports from the National Olive and Olive Oil Council (UZZK). Plantations with a total of 172 million fruit-bearing olive trees are cultivated across the country. A total of 3.6 million mt of olives are expected to be harvested this year, an increase of 136.8% on last year. Table olives account for 750,000 mt of this and the remaining 2.85 million mt are oil olives. Around six kilograms of olives are needed to produce one kilogramme of olive oil, so in view of the olive crop, olive oil production could increase by 156.8% year-on-year to 475,000 mt. According to the chairman of the UZZK, Turkish olive oil production could thus set a new record this year, the last one having been set in the 2022/2023 season with a production volume of 421,000 mt. In addition, due to export restrictions, only small quantities of olive oil were exported in the 2023/2024 season, leaving an estimated additional 100,000-150,000 mt of olive oil available from the previous season. Turkey aims to increase its annual export value of olive oil to USD 1.5 billion in five years; in the 2022/2023 season, olive oil worth USD 723.859 million was exported from Turkey. In the 2023/2024 season, however, only 70,750 mt worth USD 506 million were exported. For the current 2024/2025 season, Turkey is aiming to export 200,000 mt of olive oil.
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Olives, Turkey |
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|
Parameter |
2023/24 |
2024/25 |
Diff. |
|
Fruit-bearing trees |
170,870,662 |
172,000,000 |
0.7% |
|
Table olives (mt) |
490,000 |
750,000 |
53.1% |
|
Oil olives (mt) |
1,030,000 |
2,850,000 |
176.7% |
|
Olive production (mt) |
1,520,000 |
3,600,000 |
136.8% |
|
Olive oil production (mt) |
185,000 |
475,000 |
156.8% |
|
National Olive and Olive Oil Council (UZZK) |
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Good crops create pressure
The pursuit of increasing export sales is not always accompanied by an equally increasing export volume. Higher export prices, as in recent years, can lead to value-based targets being achieved much faster, even if the volume exported has only increased to a moderate extent. For example, the average export price for olive oil from Turkey rose by 54% to USD 7.16/kg from the 2022/2023 season to the 2023/2024 season.
In addition to Turkey, Spain is also expecting a significantly better crop this year and thus the basis for a noticeable increase in production. As a result, prices on the international market are expected to fall after peaking in October.
EU imports slump massively
Since the start of the 2024/2025 season on 1 October, a total of 3,089 mt of olive oil (EU categories 1 to 5, treated and untreated) have been imported into the EU from third countries, representing a 65.6% drop in imports compared to the same period last year. This is likely due to the significant increase in production volumes in the EU producing countries this year. While a comparatively large quantity of 6,657 mt was also imported in the same period of the 2022/2023 season, imports in the previous five years (2017-2021) averaged just 108 mt for this period.
Shipments from Tunisia (-76.7% to 1,483 mt), Egypt (-70.3% to 236 mt), Peru (-68.9% to 130 mt) and Turkey (-38.8% to 109 mt) declined significantly, while only imports from Morocco increased year-on-year by 41.2% to 720 mt. The main importers in the EU were Spain (-76.2% to 1,160 mt), Italy (-73.9% to 780 mt) and France (-2.0% to 490 mt).
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EU olive oil imports, in mt |
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|
Supplier |
2023 |
2024 |
Diff. |
|
Tunisia |
6,356 |
1,483 |
-76.7% |
|
Morocco |
510 |
720 |
41.2% |
|
Egypt |
795 |
236 |
-70.3% |
|
Peru |
418 |
130 |
-68.9% |
|
Turkey |
178 |
109 |
-38.8% |
|
Others |
713 |
411 |
-42.4% |
|
Total |
8,970 |
3,089 |
-65.6% |
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DG AGRI TAXUD Customs Surveillance System, 01/10-18/11 HS codes 15092000+15093000+15094000+15099000 Olive oil (EU categories 1 to 5, treated and untreated) |
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