Greek olive oil: Peaks abroad – Food exports soared in June

A 6% increase, not including petroleum products, is recorded by Greek exports in the first half of the year according to  Hellenic Statistical Authority-ELSTAT data. In fact, the increase in exports is based on food, which increased in June by 13%.

Greek exportable food and beverages are treated by the world market as first quality in almost all sectors, resulting in proceeds exceeding 4 billion euros, marking an increase of 25.4%.

The biggest increase is recorded in the olive oil category at a rate of 135%, with the value increasing in just 5 months by 506 million euros, reaching 882 million euros.

In vegetable and fruit preparations, the value of exports reached 577 million euros, marking an increase of 10.6%, while in fruits and fresh fruits it reached 592.7 million euros – 111.4 million euros compared to the corresponding period last year.

The processors

“The increase in food exports and overall Greek exports in the first months of the year proves that the systematic effort and planning by Greek producers and processors on the one hand and the simultaneous aggressive policy by economic diplomacy which opens up new markets on the other hand, leads the Greek products in a prominent position in all markets of the world. The effort must be continued and the government’s measures aimed at strengthening the extroversion of both large and small businesses and cooperatives” said the president of KEEE, Mr. Yiannis Masoutis.

Predictions

However, the first estimates of the United States Department of Agriculture (USDA) are optimistic, predicting that production will increase in Europe and Tunisia.

According to these forecasts, it is estimated that global olive oil production is expected to recover in the upcoming 2023/24 crop year, with the USDA forecasting production to reach 3.2 million tons in 2023/24, an increase of 24%. compared to last year’s historically low harvest and almost equivalent to the five-year average of 3.14 million tons.

Meanwhile, the EU is estimated to produce 2.03 million tons in 2023/24, up from 1.50 million tons in 2022/23 and slightly above the five-year average of 2 million tons. Increased by 7% are expected – according to the same forecasts, global exports, while European exports are estimated to increase to 750,000 tons, from 588,500 tons in 2022/2023.

What is certain is that the expected recovery will largely depend on flowering conditions and rainfall levels in the spring and autumn, but also the given effects of the ongoing heatwaves.