Olive Oil Production Rises, Consumption Declines

Olive Oil (Photo credit: HellasHoliday)

According to a Panhellenic Confederation of Unions of Agricultural Cooperatives (PASEGES) report, based on agriculture ministry data, local consumption of olive oil over the last three years was roughly 230,000 tons per year. The report, which was dispatched by the state news agency, showed a 20,000-40,000 ton decline in consumption due to the economic crisis and consumers' turn to cheaper oils. Olive oil production in Greece during the current harvesting season is expected to reach 350,000 tons, up from the same period in 2011, in which production reached 295,000 tons. Olive oil exports reached 100,000 tons and the prospects are very encouraging. Greek olive oil is exported to Italy, Germany, USA and Canada, while China and Russia are among the important emerging markets for Greek olive oil. The wholesale price per kilo in the current period will rise to 2.4 euros/kilo in comparison with the same period in 2011, when it fell to 1.85 euros/kilo.