HS Code:
Olive oil and its fractions, whether or not refined, but not chemically modified (HS Code: 1509), encompass a range of products derived from olives, including virgin olive oil, refined olive oil, and olive pomace oil. This category is a critical component of the global edible oil market, widely used in cooking, food preparation, and cosmetics. Olive oil is predominantly produced in Mediterranean countries, where climatic conditions favor olive cultivation. It is valued for its health benefits, including high levels of monounsaturated fats and antioxidants, which have driven demand in health-conscious markets worldwide.
Total Trade Volume
3.2 million metric tons
Data from 2022
Source
International Olive Council (IOC) and UN Comtrade Database
1.5 million metric tons
46.9% of total trade of total trade
Increasing
0.6 million metric tons
18.8% of total trade of total trade
Stable
0.3 million metric tons
9.4% of total trade of total trade
Increasing
0.2 million metric tons
6.3% of total trade of total trade
Increasing
0.15 million metric tons
4.7% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
20% (applied by certain non-EU countries on imports)
Lowest Rate
0% (within EU member states under Common Agricultural Policy and free trade agreements)
Growing demand for organic and extra virgin olive oil
Increased exports from Mediterranean countries to health-conscious markets like the US and Northern Europe
2020-2022
Climate change impacting production
Erratic weather patterns in Mediterranean regions have led to fluctuating yields, affecting export volumes and prices
2019-2022
Rising competition from alternative oils
Increased availability of cheaper alternatives like sunflower and canola oil has pressured olive oil market share in price-sensitive regions
2021-2022
The EU and US agreed to reduce tariffs on olive oil imports as part of a broader trade deal, facilitating greater market access for European exporters.
August 2021
Boosted exports from Spain and Italy to the US, increasing trade volume by approximately 10% in 2022.
Tunisia reported a record olive harvest in the 2021-2022 season, leading to a significant increase in export volumes.
March 2022
Strengthened Tunisiaโs position as a key supplier to the EU and Middle Eastern markets, driving down regional prices.
The EU introduced stricter labeling requirements for olive oil to combat fraud and ensure quality, mandating clearer origin and quality designations.
January 2023
Increased compliance costs for exporters but enhanced consumer trust in European olive oil products.