Greek olive oil: “Golden” year with record prices

Greek olive oil is having a golden year this year, with prices reaching decades-old records and with the most optimistic voices speaking of prices that may even reach 6 euros/kg.

Already, these days prices started to take their upward course again after the downward trend observed during the holidays, where the average price of olive oil reached 4.80 euros/kg. However, already the first commercial transactions closed on Monday, January 9, 2023 throughout the Greek territory ranged from 5 to 5.20 euros.

However, market circles are talking about a jump in the price of Greek olive oil over the next period, even above 6 euros. In fact, as they typically say, the dynamics of this olive growing year are such that the prices of this season can be compared with those of 1991, when the then Elaiorgiki had announced the infamous price of 1,360 drachmas.

Spaniards and Italians lay “siege”

With Greek olive oil production reaching 300,000 tons this season, marking an increase of 52% compared to last year’s corresponding harvest, Spaniards and Italians are showing their strong interest in importing the “green gold”.

“The big players such as the Italians and the Spaniards are besieging Greece and especially the island of Crete in order to do commercial operations as far as the import of olive oil is concerned,” the vice-president of the Union of Agricultural Cooperatives of Heraklion, Myron Chiletzakis, told OT.

Italy is expected to produce around 200,000 tons of olive oil this year, a country whose needs are covered by around 300,000 tonnes.

Accordingly, Spain, which is the largest producer in the Mediterranean and in Europe, has officially stated that this year’s production is below 760,000 tons of olive oil, when before this country produced between 1.5 and 2 million tons olive oil.

“The reduced production of these two countries of the order of 55 to 60% has led to the huge commercial interest in Greek olive oil”, notes Mr. Chiletzakis.

A good … harvest

“We have a good harvest throughout the country from Kavala to Crete”, emphasizes the vice-president of the Union of Agricultural Cooperatives of Heraklion, stressing that the olive harvest in Crete is currently at 70%, with the northern front of the prefecture of Heraklion having harvested 90%, in the southern part of Messara the olive harvest is at 50%.

However, Mr. Chiletzakis speaks of a very good year for the island, which will yield over 100 to 120 thousand tons and approximately half a billion euros in the hands of the island’s olive producers: “The island’s olive producers reach 60% , this is not their main source of income and it is an extra good income that we all need”, he noted.