Olive oil: EU production and the figures for Greece

The latest official data from the Commission show a recovery of olive oil production for the 2021/22 growing season.

The increase in production this season reached 11%, reaching almost 2.3 million tons. This was also supported by increases in yields of olives by 7% and olive oil by 6%.

However, the situation is mixed in the main producing countries. Although olive yields were 9% lower, this was offset by a higher oil content (+17%).

In contrast, Greek production fell by 16%, due to lower oil content (-33%), despite higher yields in table olives (+54%).

After an initial shock caused by the Russian invasion of Ukraine, EU olive oil prices may have eased slightly, but remain well above their 5-year average.

National prices for extra virgin olive oil are around EUR 340/100 kg (respectively 19% and 16% above the 5-year average). Prices are likely to remain high due to continued high inflows and increased transportation costs.

At the same time, olive oil consumer price in the EU continues to rise. In May it was 16% above the previous year (19% for butter, 45% for other edible oils). However, olive oil consumption in the EU continues to grow thanks to solid retail sales and a recovery in food services.

EU exports for the October-March period are 9% lower than the corresponding period last year, and imports are much lower (-26%), due to lower shipments from Tunisia despite a good harvest there.