Greece continues to hold a powerful position in the global olive oil market, yet still falls short of capitalizing on its full potential, according to a new study released by the Office of Economic and Commercial Affairs of the Greek Embassy in Rome.

The report notes that Greece, renowned for its exceptionally high-quality extra virgin olive oil, produced roughly 250,000 tons in the 2024–2025 season, a solid increase from the previous year.

With Italian demand rising, the study identifies major new opportunities for Greek producers and exporters, especially as Italy remains Greece’s top buyer. In 2024, Italian imports of Greek olive oil reached 497.8 million euros for category 1509 oils and 37.4 million euros for category 1510. Despite a drop from 2023 attributed to lower global prices and shifting Italian purchasing strategies, the trade balance overwhelmingly favors Greece: exports to Italy are 50 times greater in both volume and value than imports flowing the other way.

The report highlights Italy’s pivotal role in absorbing the lion’s share of Greek olive oil exports as well as Greece’s potential to build greater value through branded, standardized products, especially those linked to the country’s powerful tourism brand.

However, analysts point to a persistent challenge: the vast majority of Greek olive oil is still exported in bulk rather than under Greek labels. Only 2-3% of Greek olive oil production is sold abroad as a branded product, compared with nearly 100% in Italy and around 70% in Spain.

As a result, large volumes of Greek olive oil are shipped to Italy, blended with oils from other countries, and re-exported as “Made in Italy”, often at double the price. This practice, the report notes, costs the Greek economy an estimated 1.3 euros per kilogram, or roughly 200 million euros annually.

In comparison, Italy’s powerful standardization industry processes 800,000-900,000 tons of olive oil each year, far above its domestic output of 250,000-300,000 tons, with Greece, Spain, Tunisia, and Portugal supplying the difference. Prices in Italy remain elevated, ranging from 7.25 euros per kilogram in Puglia to 9.65 euros/kg in Sicily, and up to 13.50 euros/kg for PDO olive oils from northern regions.