Faced with a decline in olive production and a significant increase in olive oil prices, Morocco is opening its doors wide to foreign olive oil.
The Ministry of Industry and Trade has indeed decided to suspend customs duties on the importation of virgin and extra virgin olive oil, within a quota limit of 10,000 tonnes. This is a much-needed relief for Moroccan consumers who are dealing with soaring prices.
This exceptional measure, valid until December 31, 2024, aims to secure the supply for the domestic market in the face of a disastrous olive harvest. According to the Ministry of Agriculture, this year’s national production has peaked at 950,000 tonnes. This figure represents a decline of 11% compared to last year and 40% compared to good years.
Importers interested in this quota have until November 25, 2024, to submit their applications to the Ministry of Industry and Trade. An inter-ministerial committee, made up of representatives from the Ministries of Commerce, Agriculture, and Customs, will be responsible for allocating the quota among the applicants.
However, there’s no intention to flood the market. The aim is to maintain a balance between supply and demand, ensuring affordable prices for Moroccan consumers.
