Data released last month by the COI (International Olive Council) do provide an average fall of world production of olive oil by 20%, decrease also affecting Spain as world’s largest producer and would, according to the agency, to produce 820,000 tonnes, almost half the previous campaign.
Italy has a good crop to total 490,000 tons, 350,000 tons is expected that Greece, Portugal nearly 69,000 tons, 5,600 tons on Cyprus, France 4,300 tonnes and 700 tonnes Slovenia.
A global analysis of the data provided by the COI to the conclusion that Spain, despite the expected increase in production in Italy and Greece, holds about 49% of world production and still has stockpiles that would force an increase in competitiveness and trading.
The emergence of new niche markets, especially in Latin America, Brazil and Mexico and, to a lesser extent, other small consumers like Colombia or Peru who see their economies grow, are an important incentive for increased consumption.
Besides these, the U.S. or France remain large markets to watching future major exporters such as Spain, Italy, Tunisia, Turkey and Portugal, which now bind smaller ones like Argentina, Chile or Uruguay.
Article source olivarsantamariaWorld production of olive oil 2012/2013,