Olive oil exports from Spain to the United States increased by 40 percent in the first half of 2019.
This significant increase in exports has been attributed to low prices in Spain. There is also a prospect of impending tariffs, encouraging importers to stock up on Spanish oils in the U.S.
Some companies have accelerated import schedules as a temporary hedge against tariffs which may be imposed, according to the executive director of the North American Olive Oil Association (NAOOA).
Since January, Spanish producers have exported about $296 million of olive oil to the U.S., an increase of $32 million compared with the same period last year. Spurred on by these increased sales and helped by a poor harvest across the rest of the Mediterranean, some in Spain expect exports to hit a record high this year, exceeding 1.1 million tons for the first time.