Greek olive oil market price fluctuations

Olive oil producers and companies in Greece are navigating a period of declining international prices and shifting market dynamics.

In Laconia, producers are facing difficulties securing commercial agreements as the new season approaches. Recent transactions for extra virgin olive oil have been limited to small quantities, with prices settling around 4 euros per kilogram. Theodoros Boundounis, president of the Agricultural Cooperative of Molaoi-Pakia, noted a lack of interest from Greek processors in purchasing high-quality oil, with recent sales primarily involving merchants purchasing for export to Italy.

Amidst these market pressures, the company Olympia - Xenia reported a complex financial performance. While a drop in olive oil prices led to an 11.68% decrease in turnover to €26.5 million, the company saw a 5.71% increase in sales volume. Despite the lower turnover, pre-tax profits rose by 8.02% to approximately €1.4 million, supported by a significant reduction in financial costs and expansion into the healthy snack market.