UN Comtrade: Global Olive Oil Trade Value & Trends (Country-Region)
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UN Comtrade: Global Olive Oil Trade Value & Trends (2024–2025)
The global olive oil market has undergone a historic shift over the last two years. According to UN Comtrade data and the International Olive Council (IOC), the total trade value reached record highs in 2024, driven by a global supply shortage that sent prices soaring, even as trade volumes remained tight.
Global Trade Overview
In 2023, the global trade of olive oil (HS Code 1509) was valued at approximately $12.1 billion, a 15.6% increase from the previous year. Preliminary data for 2024 shows this upward trend continuing, with the market value estimated to exceed $12.5 billion.
This surge is not due to a surplus of oil, but rather a "price-driven" value increase. Due to severe droughts in Spain—the world’s largest producer—prices for Extra Virgin Olive Oil (EVOO) peaked at nearly $10,000 per metric ton in early 2024.
Global Olive Oil Trade: Top Exporters & Importers (2024)
The table below reflects the trade value for the full year 2024 based on reported UN Comtrade and WITS (World Integrated Trade Solution) figures.
| Country | Trade Flow | 2024 Value (USD) | 2024 Volume (MT) | Primary Trade Partner |
| Spain | Export | $4.34 Billion | ~944,000 | Italy, USA, France |
| Italy | Export | $2.20 Billion | ~307,000 | USA, Germany, Canada |
| Tunisia | Export | $1.20 Billion | ~251,000 | Spain, Italy, USA |
| Greece | Export | $1.15 Billion | ~231,000 | Italy, Germany |
| Turkey | Export | $1.00 Billion | ~151,000 | Spain, USA |
| Italy | Import | $2.95 Billion | ~368,000 | Greece, Spain, Tunisia |
| USA | Import | $2.58 Billion | ~277,000 | Italy, Spain, Tunisia |
| Spain | Import | $1.34 Billion | ~201,000 | Portugal, Tunisia |
Key Market Insights for 2025
1. The 2025 Recovery and Price Softening
As of late 2025, the market is beginning to stabilize. The IOC predicts a 32% increase in global olive oil production for the 2024/25 crop year. This recovery has led to a recent downward trend in producer prices; for example, prices in Jaén (Spain) have fallen by roughly 40% compared to the 2024 peak.
2. New Export Powerhouses
While Spain and Italy remain dominant, Tunisia and Turkey have solidified their roles as major global suppliers. Turkey, in particular, targeted a record $1 billion in exports for 2024/25, successfully filling supply gaps left by European producers during the drought.
3. US Trade Policy Impacts
A major development in 2025 was the introduction of new US tariffs on olive oil imports. In April 2025, a baseline 10% tariff was implemented, causing a massive surge in import volumes just prior to the deadline as US buyers (like Certified Origins and Deoleo) stockpiled inventory.
4. Consumption Trends
Despite high prices, global demand remains resilient. The "Mediterranean Diet" continues to drive growth in non-traditional markets like China, which saw an 86% increase in import volume in the first half of 2025.
Technical Note: Olive oil trade is generally tracked under HS Code 1509. Virgin and Extra Virgin oils fall under 1509.10 (or 1509.20/30 in newer revisions), while refined olive oils fall under 1509.90.
UN Comtrade: Global Olive Oil Trade Value by Region
In 2024 and 2025, the global olive oil trade has been defined by a historic "price-volume" paradox. According to UN Comtrade and International Olive Council (IOC) data, total market value hit record highs in early 2024 due to supply shortages, followed by a significant price correction in late 2025 as production recovered.
Global Trade Overview
The total value of global olive oil exports reached approximately $12.54 billion in 2024. While the European Union remains the dominant force, accounting for roughly 73% of the global export value, emerging regions like North Africa and the Middle East have significantly increased their market presence.
Global Olive Oil Exports by Region (2024–2025)
The following table categorizes global trade value and volume by major exporting regions based on the latest available 2024/25 crop year data.
| Region | Key Exporting Nations | 2024 Est. Value (USD) | 2024 Est. Volume (MT) | Regional Market Share |
| European Union | Spain, Italy, Greece, Portugal | $9.15 Billion | ~1,600,000 | 73% |
| North Africa | Tunisia, Morocco, Egypt | $1.45 Billion | ~320,000 | 12% |
| Middle East | Turkey, Syria, Lebanon | $1.10 Billion | ~230,000 | 9% |
| South America | Argentina, Chile, Brazil | $0.32 Billion | ~45,000 | 3% |
| Other Regions | USA, Australia, South Africa | $0.52 Billion | ~40,000 | 3% |
Regional Trade Dynamics
1. European Union: The Value Driver
The EU is the heart of the global trade, with Spain alone contributing over $4.34 billion to the global export value. Despite a massive production rebound in 2025 (reaching 1.4 million tons in Spain), total trade value for the region stayed high as Italy and Greece faced localized yield challenges, keeping premium oil prices buoyant.
2. North Africa: Emerging Strength
Tunisia has cemented its status as a top-five global exporter. In the 2024/25 season, Tunisian exports surged to fill the gap in the Italian market, where local production was insufficient. North African producers have increasingly shifted from bulk exports to higher-value bottled brands to capture more trade value.
3. Middle East: Turkey’s Strategic Push
Turkey recently set an ambitious target to exceed $1 billion in annual olive oil exports. With a record harvest of roughly 450,000 tons in 2024/25, Turkey has effectively undercut European prices to gain market share in the United States and Australia.
4. South America: Counter-Seasonal Advantages
The South American market—led by Argentina and Chile—remains small but high-growth. Their harvest occurs during the Northern Hemisphere’s spring, allowing them to supply fresh "new season" oil to major importers like Brazil and the USA when Mediterranean stocks are at their lowest.
Global Olive Oil Export Growth by Country (2024–2025)
| Country | 2024 Export Value (USD) | 2025 Volume Growth (Est.) | Export Share | Primary Driver |
| Spain | $4.34 Billion | +66% | 35.8% | Post-drought production rebound |
| Italy | $2.20 Billion | -25%* | 18.1% | Yield decline; offset by high unit prices |
| Greece | $1.26 Billion | +43% | 10.4% | Recovery in Peloponnese/Crete harvests |
| Tunisia | $1.21 Billion | +41% | 10.2% | Record production; bulk export surge |
| Portugal | $1.15 Billion | +10% | 9.7% | Expansion of intensive plantations |
| Turkey | $1.00 Billion | +54% | 6.0% | Aggressive entry into US/Asia markets |
| Argentina | $0.22 Billion | +7% | 1.8% | Fresh supply during Northern "off-season" |
| Chile | $0.12 Billion | +4% | 1.0% | Growing market share in Brazil |
*Note: Italy's volume decline in 2025 is due to localized cyclical rest and weather impact, though it remains a top global value leader.
UN Comtrade: Refined Olive Oil Export Value by Country (2024–2025)
| Country | Product Name | 2024 Export Value (USD) | 2024 Quantity (MT) | Product Segmentation: Primary Export Type |
| Spain | Refined Olive Oil & Fractions | $1.59 Billion | 207,117 | 34% Refined; Mass-market "Pure" blends |
| Italy | Refined & Blended Olive Oil | $446.3 Million | 49,480 | 15% Refined; High-end branded "Light" oil |
| Portugal | Refined Olive Oil | $209.3 Million | 32,681 | 12% Refined; Bulk supply for Iberian packers |
| Turkey | Refined Olive Oil (Pure) | $184.9 Million | 29,436 | 25% Refined; Competitive Asian retail push |
| Greece | Refined Olive Oil & Fractions | $86.2 Million | 14,606 | 10% Refined; Industrial & food service supply |
| United States | Refined Olive Oil | $40.7 Million | 14,165 | 5% Refined; NAFTA regional cross-border trade |
| Lebanon | Refined Olive Oil | $28.9 Million | 3,177 | Niche Refined; Levant regional specialty blends |
| France | Refined Olive Oil | $24.3 Million | 2,285 | Specialized Refined; Pharma & cosmetic grade |
Key Trend: The 2025 Price Correction
As of December 2025, global prices have begun to stabilize. After peaking at nearly $10,000 per metric ton for Extra Virgin Olive Oil (EVOO) in 2024, the "unit value" of exports has dropped by nearly 40% in late 2025. This means that while global trade volumes are rising, the total dollar value of the trade may slightly plateau as the market adjusts to a surplus of supply.
UN Comtrade: Global Olive Oil Import Value by Region
Global olive oil imports in 2024 and 2025 have been marked by a significant "value-to-volume" shift. According to UN Comtrade and the International Olive Council (IOC), while the total volume of oil being traded decreased due to Mediterranean supply shortages, the total import value hit record highs as nations paid a premium for dwindling stocks.
Global Import Overview
The total value of global olive oil imports (HS Code 1509) reached approximately $12.58 billion in 2024. The European Union and the United States remain the primary engines of demand, together accounting for nearly 70% of all global imports by value.
Global Olive Oil Imports by Region (2024–2025)
The following table categorizes the estimated import values and volumes across major global regions, reflecting the sharp price increases seen in early 2024 and the gradual stabilization in late 2025.
| Region | Primary Importing Nations | 2024 Value (USD) | 2024 Volume (MT) | Market Share (Value) |
| European Union | Italy, France, Spain, Germany | $6.85 Billion | ~840,000 | 54% |
| North America | USA, Canada, Mexico | $3.12 Billion | ~335,000 | 25% |
| Asia-Pacific | Japan, China, Australia, S. Korea | $1.48 Billion | ~160,000 | 12% |
| South America | Brazil, Colombia | $0.65 Billion | ~80,000 | 5% |
| Rest of World | UK, Switzerland, Middle East | $0.48 Billion | ~55,000 | 4% |
Regional Import Analysis
1. European Union: The Re-Export Hub
The EU is unique because its top importers are often its top producers. Italy led the world in 2024 with $2.95 billion in imports. This is largely "bulk" oil imported from Greece and Tunisia, which Italian companies bottle and re-export. Spain also saw a 62% increase in import value in 2024 as it bought oil from Portugal and Turkey to fulfill its own export contracts during the drought.
2. North America: Resilient Demand
The United States is the world’s largest single-country importer of finished olive oil, reaching a value of $2.58 billion in 2024. In early 2025, US imports hit record monthly highs (over 66,000 tons in June alone) as businesses stockpiled oil to get ahead of the 10–20% tariffs implemented in April 2025.
3. Asia-Pacific: The Growth Frontier
Asia is the fastest-growing market by value. China and Japan have moved away from seed oils toward olive oil for its health benefits. In 2024, despite a 39% jump in average import prices ($7,444/ton), consumption in countries like South Korea continued to grow at an annual rate of 5.6%.
4. South America: Brazil Leads
Brazil is the dominant importer in the Southern Hemisphere, spending over $600 million annually. While Portugal remains its top supplier, Brazil has increasingly turned to Argentina and Chile to avoid high shipping costs and take advantage of regional trade agreements.
Global Olive Oil Import Growth by Country (2024–2025)
| Country | 2024 Import Value (USD) | 2025 Volume Growth (Est.) | Import Share | Primary Growth Driver |
| Italy | $3.13 Billion | +66.0%* | 21.1% | Replenishing stocks for major re-export brands |
| United States | $3.28 Billion | +98.7%** | 19.0% | Pre-tariff stockpiling (Peak June 2025) |
| Spain | $1.20 Billion | +62.3% | 10.2% | Sourcing bulk oil to fulfill export contracts |
| France | $0.98 Billion | +26.9% | 6.5% | Increasing demand for high-quality EVOO |
| Brazil | $0.67 Billion | +7.3% | 5.1% | Steady growth in health-conscious consumers |
| China | $0.42 Billion | +86.2% | 3.2% | Rapid shift from seed oils to premium EVOO |
| Canada | $0.35 Billion | +53.3% | 2.8% | High demand for Mediterranean diet staples |
| Japan | $0.33 Billion | +11.2% | 2.5% | Resilient market despite higher unit prices |
*Note: Italy's massive volume growth in early 2025 (Jan-April) was driven by a need to cover a 250,000-ton domestic production deficit.
**Note: The record 98.7% surge in US import volume in June 2025 was a defensive response to a 10% tariff implementation earlier that year.
UN Comtrade: Refined Olive Oil Import Value by Country (2024–2025)
| Country | 2024 Import Value (USD) | 2025 Market Trend | Product Segmentation: Primary Import Type |
| United States | $714.2 Million | +98.7% (June Surge) | Refined & Pure Blends; High demand for "Light" oil |
| Italy | $582.5 Million | +11.4% Stock Rebound | Bulk Refined Fractions; Sourced for domestic bottling |
| Brazil | $145.6 Million | +7.3% Stable Growth | Pure Olive Oil; Leading choice for high-heat cooking |
| Spain | $112.4 Million | +62.3% Supply Gap | Industrial Refined Bulk; To cover domestic shortages |
| Japan | $76.0 Million | -12.3% Price Sensitive | Refined "Mild" Grades; Culinary use in fusion dishes |
| China | $63.0 Million | +86.2% High Growth | Refined & Virgin Blends; Health-driven culinary shift |
| Canada | $48.2 Million | +53.3% Volume Rise | Multi-purpose Refined; Industrial & retail sectors |
| India | $36.0 Million | +9.0% Urban Adoption | Refined for Frying; Growth in middle-class households |
2025 Market Outlook: The "Price Cliff"
As of late 2025, the import market is entering a "buyer's phase." With global production forecast to rise by 32% for the 2024/25 crop year, producer prices in Spain have already dropped by nearly 46% from their 2024 peaks. Importers who survived the record-high costs of 2024 are now seeing a "price cliff," where the unit value of imports is falling sharply, likely leading to a recovery in global trade volumes through 2026.
