08.Aug .2022 17:00

Georgian Olive: Global Olive Prices 33% Up, Costs Maintained locally

Georgian Olive: Global Olive Prices 33% Up, Costs Maintained locally
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This year there is a good harvest of olives and therefore Georgian Olive company plans to pick and process 100% more olives, Giorgi Svanidze Founder of the company tells BMG.

70% of olive oil produced in Georgia are consumed on local market and the remaining 30% exported. Export markets of the Georgian Olive company incorporate: the Netherlands, United Arab Emirates and Saudi Arabia.

Businessman Svanidze predicts that prices on exported products will be increased, however selling price on local market will remain almost the same.

“Olive prices on different countries of the world have soared by 33%, mostly varying from 30 to 35%. We try hard to maintain prices on olive and olive oil unchanged for local consumers. In a worst-case scenario we will increase by 5-7%. Just as yet, local production allows us to maintain prices on domestic market. I think that they will remain almost the same, however we will be forced to grow cost on exported products,” says Giorgi Svanidze, Founder of Georgian Olive.