Olive oil prices might continue surging as some supermarkets and companies locked old contracts with producers expire.Fear buying The lower oil production can’t be replaced with olive oil from other countries such as Italy, as they produce much less produce and are also suffering from similar dry conditions. However, part of the crop’s flower has already burnt and can’t be recovered, says Mara Romero, export area manager at Migasa Aceites. Some rains during the last few days have improved the harvest outlook for the end of the year. “If the rain situation does not improve, the olive harvest will be the same or worse than last year, which was already 50% worse than in 2021,” says Mateo Muela, export manager at Mueloliva. The Mediterranean country exported US$230 million of oil in 2021 – followed by Italy’s US$90 million and Greece’s US$70.5 million.īut the country has been suffering from severe drought for some time and it continues to devastate olive oil production.Īpril was the hottest and driest month in Spain ever recorded, according to the State Meteorological Agency. Spain is the world’s largest olive oil exporter, according to the Observatory of Economic Complexity. FoodIngredientsFirst speaks with Spanish olive oil companies from the show floor at the Private Label Manufacturers Association (PLMA) trade fair in Amsterdam. Severe lack of rains during the flowering months of the Spanish olive oil tree has “burnt” the production, according to industry, which will lead to meager outputs, price increases and low reserve levels at the end of the season.
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