Greek Olive, Olive Oil Producers Brace for Potential US Tariff Hike

07:53 22/4/2025 - Πηγή: iEfimerida

Greek producers of table olives and packaged olive oil are on alert following a recent U.S. decision to impose a 20% tariff on all imports from the European Union, a move that threatens a key export market for the country’s agrifood sector.

Although

Washington has temporarily suspended the new duties for 90 days for selected countries, the uncertainty is already disrupting business planning, industry officials said.

The U.S. is Greece’s largest export destination for table olives, accounting for 30% of total production, valued at €214 million. Other major markets include Germany (€90 million), the United Kingdom (€43 million), Australia (€33 million), and Canada (€30 million).

“This is an unprecedented situation,” said Kostas Zoukas, president of the Panhellenic Association of Table Olive Processors, Packers and Exporters (PEMETE), in a statement to the Athens-Macedonian News Agency. “Without the tariff threat, this year would have been a record one.

But the uncertainty caused by trade barriers is halting the sector’s growth momentum.”

Mr. Zoukas stressed that Greece's heavy reliance on the U.S. market makes the situation particularly difficult.

“It’s not easy to replace that market overnight. Businesses have spent decades building these trade relationships. A sudden shift in access terms creates massive costs.”

To reduce exposure to the U.S. market, PEMETE is exploring new regions, especially in Asia.

“Given its population size, Asia could become a significant outlet in the medium term,” Mr. Zoukas said. “But real market penetration requires targeted promotion, investment, state support, and access to financing tools.”

Greek exporters of packaged olive oil share similar concerns, with annual exports to the U.S. valued at €60–70 million, representing about 8% of Greece’s total olive oil output.

Giorgos Mitrakos, General Director of the Association of Greek Olive Oil Standardization Industries (SEVITEL), said the new tariffs would primarily affect branded olive oil exports.

“The real threat,” Mr. Mitrakos added, “is not just the tariff itself but the blow to competitiveness. Countries like Turkey and Tunisia export to the U.S. under only a 10% tariff. For us, being part of the EU, it’s 20%. That puts us at a clear disadvantage.”

He also noted that falling global prices for olive oil compared to last year are further squeezing profit margins for Greek companies.

Industry groups are calling for urgent state assistance to help diversify export markets and protect the international position of Greek agri-food products.

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