The Ministry of Agriculture, Fisheries and Food published the olive oil market bulletin corresponding to the first month of the 2018/19 season, in which production equated to one-quarter of production last season due to the late maturation and rainfall in recent weeks that has led to certain harvesting difficulties.

Nonetheless, market assets currently stand higher than in previous seasons due to larger opening stocks, with higher volumes at both oil presses and bottling plants.

Total sales amounted to 117,300 tonnes, with record exports for the first month of the season and a domestic market that is losing significance among the various market outlets owing to the strong growth in exports.

As regards the market situation, olive oil prices have increased slightly in recent weeks against a backdrop of widespread increases in the international markets. The prices listed under the virgin extra category are higher in Italy, Greece and Tunisia than they are in Spain.

We are now in the second month of the 2018/19 table olive season. The overall delay in harvesting all varieties continues but is accompanied by better sales than last season.

The olive oil and olive pomace oil foreign trade bulletins for the end of the 2017/18 season were also published.

The 876,825 tonnes of olive oil exported is less than in previous seasons, in spite of an increase in the final months. Revenue exceeded 3 billion euros and remains higher than the average. The fall in exports was greater for intra-EU trade, especially Italy, where exports fell by 26% due to the recovery of its production. Imports were higher than in previous campaigns, with larger volumes arriving from non-EU countries.

In the case of olive pomace oil (108,001 tonnes and 281 million euros), a new export record was posted in terms of both volume and value. EU exports set new records, with minor falls in exports to non-EU countries. Imports also set new records, due to increased production by the main sources of imports this season.

The olive oil market

Olive production in this first month of the season amounted to 7,100 tonnes. This figure represents a decrease of 75% on that posted in the previous season and is 69% lower than the average for the last four seasons.

Milled olives amounted to 59,581 tonnes, with an average performance figure of 11.59%. This is more than 3 points below the figure from the same time last season.

Provisional import data for the month of October estimate a total of 11,000 tonnes.

Provisional export data for the month of October estimate a total of 85,000 tonnes, an increase of 7% on the previous season and of 24% on the average for the last four seasons.

The apparent domestic market amounts to 32,300 tonnes, an increase of 13% on the previous season and a decrease of 4% on the average for the four preceding seasons.

Total sales stand at 117,300 tonnes, an increase of 8% on the previous season and of 15% on the average for the last four seasons.

The total volume of stock stands at 275,500 tonnes, 6% higher than the average for the last four seasons. 132,500 tonnes are currently stored at oil presses, which is an increase of 1% on the average for the last four seasons, 6,000 tonnes are currently stored at the Fundación Patrimonio Comunal Olivarero, while a further 137,000 tonnes are currently held by bottling plants, refineries and operators.

The table olive market

The 2018/19 table olive season began with stock of 391,900 tonnes at 1 September, 7% higher than in the previous season.

Production in the last two months stands at 305,050 tonnes, which represents a decrease of 34% on the previous season.

Total sales stand at 87,140 tonnes; 62,160 tonnes for export and 24,980 tonnes for the domestic market. Total sales have increased by 8% on the previous season.

Stock at 31 October stands at 628,040 tonnes, which represents a decrease of 18% on the previous season.