MADRID, Oct 3 (Reuters): Olive oil exporters in Spain, the world's biggest producer, have warned there are no viable alternative routes to the lucrative US market amid a strike at US East and Gulf Coast ports.
Spanish olive oil producers' and exporters' association Asoliva said the strike that started on Oct. 1 would hit exports, without quantifying the impact.
Spain became the largest exporter of olive oil to the United States last year, overtaking Italy as shipments reached 180,000 metric tons, or nearly a third of the 480,000 tons consumed there, according to Asoliva.
Spanish olive oil exports to the US also doubled in value between January and July from year ago to 693 million euros ($765 million), Spanish official data show, accounting for 6 per cent of Spain's total exports to that country. Meanwhile, consumption of bottled oil in Spain has fallen due to rising prices.
"If the strike continues, it's going to be a problem ... we don't think it's viable to go through the Panama Canal or Argentina, or by air," Asoliva director Rafael Pico said.
Spanish cooperative Dcoop told Reuters that it had looked at potentially shipping to less-affected ports, but that didn't seem to be an option.
Spanish olive oil hit by US ports strike
FE Team | Published: October 04, 2024 00:20:22
Spanish olive oil hit by US ports strike
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