Oil & Vinegar

Olive oil: production down

Harvest year 2016 – 2017 is one of the poorest of recent decades with 62% drop on the previous year, according to Ismea estimate on Agea figures

Italian olive oil sector’s harvest year 2016-2017 is one if the poorest of recent decades, with 62% drop (no more than 182,000 tons) according to Ismea estimate on Agea figures. A bad result, even compared to the low estimates made during the harvest. Poor production affected both the domestic market and the external trade. In certain periods of the year, extra virgin oil’s prices at source exceeded 6 Euros per kilo (national average). Moreover, in the first four months of 2017 exports dropped by 19% in volume whereas oil imports – primarily from Spain – rose by 20%. Harvest year 2017-2018 announces to be better, even if it will feel the effects of an especially cold winter followed by a spring frost and a summer drought.