The export of world renowned Greek olive oil is an example of how the country’s productive potential is wasted. Greece exports in bulk tons of olive oil at half the price of what Greek customers pay in supermarkets.
Italian companies buy it, standardize and package it, and export it to foreign markets, including Greece, at double the price.
In the first six months of 2017, Greece exported 50,386 tons of olive oil, at an average price of 4.2 euros / kg, while the cheapest brand in a Greek supermarket is sold at 8 to 8.50 euros / liter, i.e. about twice the price.
Greek exports have been increasing over the last few years, however, a significant amount of these exports are of low value because they are non-standardized products and raw materials.