Sunday, June 23, 2024

Pricing Milestone: Fresh Greek Olive Oil Sells at 9.25€/kg

The first fresh Greek olive oil was sold at 9.25€/kg. The marketing year 2023/24 opened in Greece at a price of 9.25 €/kg (ex-work, FOB). That was the first commercial transaction of a 28 metric tons tank (barrel) sold by the Agricultural Cooperative of Agioi Apostoloi in southern Laconia. The whole area is dominated by the variety of “Athenoelia”, well-known for its “premium” extra virgin olive oil, early one, with special quality characteristics of low acidity, intense but also sweet organoleptic characteristics that make it every year in demand in Italian bottling industries where it is exported directly. That is the reason why this area succeeds the highest prices in Greece.

Last year 2022/23 prices began at 4.20 €/kg and very soon skyrocketed at unpredictable levels, especially after spring. The most recent high price was achieved by a cooperative of the same area of southern Laconia with €8.50/kg.

Now, is the period the mills start working at more intense rates. After a very good harvest of 350,000 tons of olive oil last year, this year Greek production is expected to have  around 170,000 tons.

The big and interesting question is at what levels the next transactions will move, as the internal consumption has taken a ‘dive’ of reduction of about 40%, while the buyers of bottled olive oil in the international markets of Europe, America, Asia, hardly accept readjustment with increased tariff prices.

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