The International Olive Oil Council (IOC) estimates that global production of olive oil will amount to 3,098,000 tons during the current season, i.e. 30% more than in the previous one (2,425,000 tons). This figure is very similar to global consumption estimates: 3,056,000 tons.
According to ICO, European production will amount to 2,300,000 tons, of which 1,536,600 will come from Spain. Italy will rank second in terms of production, with 450,000 tons.
Among non-EU countries, Turkey is the main producer, with 180,000 tons. Syria takes second place, with expected production of 135,000 tons, reflecting a notable decline with respect to the previous season (198,000 tons).
ICO data suggests that global consumption will amount to 3,056,500 tons, i.e. very similar to the previous season. Of that amount, 1,758,000 tons will be consumed in the European Union, 294,000 in the US, and 150,000 in Turkey (10,000 less than in the previous year).
The report also indicates that global exports of olive oil will amount to 754,500 tons. The European Union ranks first in terms of exports, with 543,000 tons (up 75,500 tons).
Global imports are expected to total 774,000 tons in 2013/2014 (down 58,500 tons with respect to 2012/2013). In this regard, the US is the leading importer, with an estimated 290,000 tons.