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Welcome to the IOC, the only intergovernmental organization in the world to bring together all the stakeholders involved in the production and consumption of olive oil and table olives.
Here you’ll find an overview of the latest sector statistics, including an update on olive oil prices, trends in international trade in olive oil and table olives, and producer prices for olive oil.
Follow us and visit our website to be up to date with the latest data! Don’t hesitate to send us an e-mail if you have any questions (iooc@internationaloliveoil.org).
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OLIVE OIL PRICES
The price of extra virgin olive oil in Jaén (Spain) fell by 13% in May from its January peak of €902.5 per 100 kg.
The latest mid-May figures show that extra virgin olive oil was trading at €785 per 100 kg in Jaén (+ 32.7% on the same period last year). In Bari (Italy), the figure was €965 (+52.4%).
Graph 1: Monthly price trends for extra virgin olive oil.
In March of the 2023/2024 crop year, extra-EU olive oil exports had a unit value of €980 per 100 kg (+63.4% on the same period of the previous crop year, or +3.1% on the previous month).
Graph 2: Monthly trends in unit value and volume of EU extra virgin olive oil exports.
The EU imported around 22,000 tons of olive oil in March (+66.6% on the previous crop year or -0.7% on the previous month). Tunisia is the EU’s main supplier of olive oil: just over 15,000 tons were imported from this country in March. Around 68% of all olive oil imported during the 2022/2023 crop year was extra virgin.
Table 1: Extra-EU imports by partner country and crop year. Volume in tons. Value in millions of euros (CIF).
The Harmonized Index of Consumer Prices (HICP) for olive oil in the EU rose by 51.5% in April compared to the same month of the previous crop year, more than in March (+1.1%). By country, the biggest increases were recorded in France, Finland, Bulgaria, Cyprus, Croatia and the Czech Republic.
Graph 3: HICP for olive oil by country in the EU-27. Rate of change (m/m-12) (%).
Graph 4: HICP for olive oil by country in the EU-27. Rate of change (m/m-12) (%).
2. WORLD TRADE IN OLIVE OIL AND TABLE OLIVES
- OLIVE OIL – 2023/24 CROP YEAR
Trade in olive oil and olive pomace oil on the markets shown in the table below since the start of the 2023/24 crop year (October 2023 – March 2024) shows a drop of 44% in Australia, 32% in Brazil, 4% in Canada, 61% in China, 32% in Japan and 8% in the United States compared with the same period of the previous crop year.
As far as EU trade in the 2023/24 crop year is concerned, intra-EU purchases up to February were down 20%, while extra-EU imports up to March were up 36% on the same period of the previous crop year.
Olive oil imports (including olive-pomace oils) (t)
- TABLE OLIVES – 2023/24 CROP YEAR
Trade in table olives since the start of the 2023/24 crop year* (September 2023 – March 2024) on the markets shown in the table below has fallen by 5% in Brazil, 6% in the United States and 3% in Australia, compared with the same period of the previous crop year. On the other hand, they rose by 5% in Canada.
In terms of EU trade in table olives during the 2023/24 crop year, intra-EU purchases up to February were down 11%, while extra-EU imports up to March were up 51% on the same period of the previous crop year.
Table olive imports (t)
* According to the 2015 International Agreement on Olive Oil and Table Olives, in force since 1 January 2017, a “table olive crop year” is defined as the twelve-month period from 1 September of any one year to 31 August of the following year.
3. PRODUCER PRICES – OLIVE OILS
- Monthly trends in extra virgin olive oil prices are shown in graph 1:
Spain – The producer price for this category during the week of May 13-19, 2024 was €7.85/kg, an increase of 32.7% on the same period of the previous crop year.
Italy – Extra virgin olive oil traded during the week of May 13-19, 2024 at €9.65/kg, up 52.4% on the same period last season.
Greece – During the week of May 13 to 19, 2024, the price of oil in this category reached €7.2/kg, up 28.6% on the same period in the previous crop year.
Tunisia – In the first week of May 2024, the price of extra virgin olive oil was €6.38/kg.
Graph 1: Monthly price trends for extra virgin olive oil.
- Refined olive oil: The producer price for this category reached €7.28/kg in Spain during the week of May 13-19, 2024, an increase of 32.5% on the same period of the previous crop year.
The difference between the price of extra virgin olive oil (€7.85/kg) and refined olive oil (€7.28/kg) in Spain was €0.57/kg.
