In 2022, the olive oil market in Albania experienced an unexpected surplus, leading many farmers to grapple with a lack of demand and market saturation.

However, in May, a ray of hope emerged as the market for exporting olive oil, particularly to Italy, opened up. This boost in demand for Albanian olive oil was a result of the decreased production of olives in Spain and Italy due to spring droughts.

Olive oil was collected from various points of origin, fetching prices as high as 400 Albanian lek per liter. In recent days, the price of olive oil sold as a foreign brand for export has surged by 25%, reaching 500 lek per liter, owing to sustained high demand from international markets.

Imports of olive oil for the period of January to June 2023 stood at 1,400 tons, in stark contrast to the 326 tons imported during the whole of 2022. This surge indicates a three-fold increase in exports compared to the previous year.

Irfan Tarelli, the Director of the General Directorate of Agriculture and Rural Development, confirmed that import volumes for olive oil in comparison to the prior year are significantly higher. He further revealed that the average selling price has stabilized at 600 lek per liter.

Despite promising opportunities, Tarelli warns that the quantity of olive production for 2023 may decline due to unfavorable weather conditions.

Looking ahead, the Ministry of Agriculture projects a production target of 140 thousand tons of olives for 2023.