• Analysis and Studies
• Olive oil: import and export

Olive oil is a fundamental component of Mediterranean diet, used not only for cooking and in salad dressings or sauces but also enjoyed on its own, depending on the type. It offers numerous nutritional benefits, including cholesterol-lowering monounsaturated fats, heart health support through anti-inflammatory properties and antioxidants, potential cancer risk reduction due to its rich polyphenol content, and bone health promotion by improving bone density. Additionally, olive oil may aid in preventing diabetes and cognitive decline.

There are four types of oil, based on quality and use: Extra Virgin Olive Oil, the highest grade, is known for its robust flavor and rich nutritional content, making it perfect for salads and drizzling, while Virgin Olive Oil, slightly lower in quality, is suitable for low-heat cooking purposes. Refined Olive Oil has a neutral flavor and higher smoke point, making it appropriate for high-heat cooking, whereas Olive Pomace Oil, extracted from the residual olive pulp and refined for a neutral flavor, is typically used in industrial applications or for high-temperature cooking.

In 2022, olive oil was the world's 1012th most traded product, with a total trade of $651M, and between 2021 and 2022 the exports grew by 34.6%, from $484M to $651M.

In 2022 the country which exported olive oil the most was Spain, with a trade of $322M, ahead of Italy ($115M), Greece ($69.6M), Portugal ($45.5M), and Morocco ($28.1M). Spain was also the most significant importer, with a trade of $114M, followed by Italy ($84M), United States ($51.3M), Portugal ($50.5M), and United Arab Emirates ($28.6M).

We can observe that Spain leads global olive oil exports, showcasing a highly diversified market reach. Italy follows as the second-largest exporter, with a notable trade relationship with Spain, while also maintaining a wide-reaching presence in both European and Asian markets.

In contrast, Greece, Portugal, and Morocco rely heavily on a few key markets, especially Spain, making them more susceptible to market fluctuations. The contrast between the diversified strategies of Spain and Italy and the concentrated approaches of Greece, Portugal, and Morocco highlights the varying levels of risk and stability within the global olive oil market.

1. Spain (49.5%): 14.7% Italy, 14.6% Portugal, 8.88% United States, 7.68% United Arab Emirates, 6% Mexico, 5.06% Saudi Arabia, 4.08% United Kingdom, 2.64% Iraq, 2.48% Russia, 2.19% South Korea, 1.65% Germany
2. Italy (17.7%): 19.3% Spain, 7.34% South Korea, 6.43% United States, 6.25% Germany, 3.7% Latvia, 3% Russia, 2.9% Iraq, 2.79% India, 2.51% Australia 
3. Greece (10.7%): 49.8% Italy, 29.7% Spain, 4.48% Portugal, 3.32% Poland, 1.38% Romania, 1.24% Germany, 0.88% United States
4. Portugal (7%): 87.1% Spain, 3.48% Italy, 2.94% France, 1.61% Japan, 1.39% Poland
5. Morocco (4.32%): 90.9% Spain, 8.89% United States

 We can observe that Spain has a pivotal role in the global market as both a top importer and exporter. Italy, the second-largest importer, is highly dependent on Spain and Greece, supporting its extensive olive oil production and export activities.

In contrast, the United States and United Arab Emirates have a more diversified portfolio, with the United States balancing imports from Europe and emerging suppliers like Turkey, while the United Arab Emirates remain heavily reliant on Spain: this heavy reliance on Spain by Portugal and the United Arab Emirates highlights potential risks in their olive oil supply chains.

1. Spain (17.5%): 34.8% Portugal, 22.4% Morocco, 19.5% Italy, 18.1% Greece, 4.72% Tunisia
2. Italy (12.9%): 56.3% Spain, 41.2% Greece, 1.89% Portugal
3. United States (7.89%): 55.7% Spain, 19.5% Turkey, 14.4% Italy, 4.86% Morocco. 2.28% Tunisia, 1.19% Greece
4. Portugal (7.76%): 93% Spain, 6.17% Greece, 0.82% Italy
5. United Arab Emirates (4.39%): 86.6% Spain, 4.1% Turkey, 3.92% Tunisia, 3.55% Italy, 1.07% Greece

Between 2021 and 2022, the fastest growing exporter was Spain, with a increase of $93.5M, followed by Portugal ($26.8M), Italy ($25.8M), Greece ($24M), and Turkey ($15.2M).

1. Spain: from $229M to $322M
2. Portugal: from $18.8M to $45.5M
3. Italy: from $89.3M to $115M
4. Greece: from $45.6M to $69.6M
5. Turkey: from $11.5M to $26.6M

Spain was also the country which saw the fastest growth in imports, with an increase of $39.4M, ahead of Italy ($30.2M), Portugal ($28.4M), United States ($17.5M), and Saudi Arabia ($12.2M).

1. Spain: from $74.7M to $114M
2. Italy: from $53.8M to $84M
3. Portugal: from $22.1M to $50.5M
4. United States: from $33.8M to $51.3M
5. Saudi Arabia: from $16M to $28.2M

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