Morocco’s Olive Oil Exports Surge as Domestic Prices Soar

According to the Foreign Exchange Office, exports of crude and refined olive oil reached 8,498 tons between January and June 2024, compared to 4,859 tons during the same period last year. Curiously, this product has become scarce and very expensive on the Moroccan market, notes the daily L’Economiste.

In value, olive oil exports in the first six months of this year reached 634 million dirhams, compared to 216 million dirhams, according to the Foreign Exchange Office. Yet the Ministry of Commerce had defined in a decree published last October "new quantitative export restrictions".

According to this text taken at the request of Interprolive, "a prior export license is required for any shipment of this product. And this, until December 31, 2024," recalls the economic daily, adding that this measure aimed to limit "shipments, ensure regular supply of the local market and lower the price".

Part of the olive oil exported this year had a high acidity rate and was unfit for consumption, explains Rachidi Benali, president of Interprolive, cited by the daily, indicating that "an extra virgin olive oil in packaging, which is not in demand on the national market" has also been exported.

For Benali, the volume of olive oil exported is not significant, barely 10,000 tons. The professional explains that these exports have allowed Moroccan olive oil to maintain its presence on the international market and professionals to cope with the crisis. "The 10,000 tons of olive oil are not going to change the price in Morocco," he said.