In its report, the USDA estimates an olive oil production in the European Union (EU) in the campaign 2016/17 of 2.12 million tons (+ 2.1%) and of 5,000 tons for the United States, a similar figure to previous seasons (2015/16 and 2014/15).
World production of olive oil will stand at 2.98 million tonnes in the 2016/17 season compared to 2.90 million tonnes in the 2015/16 season, which means an increase of 2.7%, according the latest estimates of the United States Department of Agriculture (USDA).
It also provides world imports for the 2016/17 campaign, highlighting they will rise 1.19% to 850,000 tons; while exports will reach 940,000 tons, 4.4% more than during the 2015/16 campaign.
In the case of the EU, exports will be of 625,000 tons this year (+ 4.1%); while imports will be of 175,000 tons (similar to the previous season). United States, meanwhile, will import 320,000 tons (+ 2.2%) and market abroad 8,000 tonnes, similar to the previous year.
On global consumption of olive oil, the USDA estimates a figure of 2.77 million tonnes compared to 2.73 million tonnes from the previous season.
As for the EU countries, it predicts a consumption of 1.57 million tons (+ 3.2%) and 317,000 tons (+ 2.2%) of the United States. For its part, ending stocks will be of 410,000 tonnes.
sourceOlive oil world supply and distribution - 2016/17 season - USDA study,