Morocco Restricts Olive Oil Exports to Combat Soaring Domestic Prices

The price of a liter of olive oil has continued to rise, reaching a record of 100 dirhams. To contain this inflation and cope with the strong demand from Moroccans, the authorities have taken measures to limit the export of this product. These measures will remain in effect until the end of 2024, announced the Directorate of Customs and Indirect Taxes.

"We have asked to limit the export of olive oil, because prices have risen a lot and are likely to rise further due to the drought. The situation is catastrophic not only in Morocco, but throughout the western Mediterranean basin," Rachid Benali, president of the Moroccan Interprofessional Olive Federation, told the newspaper Le Monde.

Morocco, one of the ten largest olive oil producers in the world, is hit by a severe drought, with temperatures exceeding 35°C in the Meknes region, the main production area of the kingdom. A situation that affects the harvests. "Rainfall is declining, summers are hotter and winters not cold enough, which slows the growth of shoots and reduces yields," explains a farmer.

From now on, the export of pure olive oil or chemically unmodified, as well as other oils and olive-based components, is limited. These restrictions concern in particular the regions of Marrakech-Safi, the Oriental and Beni Mellal-Khenifra, with decreases of 42%, 17% and 10% respectively. It remains to be hoped that these measures will contribute to the drop in prices.