Spanish olive oil exports to US boom ahead of WTO tariff decision

Imports and Exports | | MIC Customs Solutions |

There has been a surge in Spanish olive oil heading to America as buyers opt to stockpile the product.

The amount of olive oil being sent from Spain to the US has increased significantly ahead of a World Trade Organisation (WTO) decision that could see tariffs applied to the product.

According to data from Spain's customs agency seen by Olive Oil Times, olive oil exports to America were boosted by 40 per cent in the first half of 2019 as buyers chose to stock up from across the Atlantic.

This was attributed to low prices in Spain, as well as to the prospect of impending new levies. Some analysts have said they believe olive oil exports could hit a record high of 1.1 million tons this year as a result.

Indeed, price increases amounting to double or even triple current rates may come about if the WTO approves a 100 per cent tariff on hundreds of products exported from the European Union to the US, including olive oil and some table olives.

The WTO has yet to announce its conclusion, although Olive Oil Times suggests the decision has already been made.

According to the Spanish Association of Exporters and Industrialists of Table Olives, olive growers in Spain have already lost €45.5 million since the US applied tariffs on black olive exports last year.