Morocco has authorized the import of Brazilian olive oil to address its domestic supply shortage as the country faces the impact of prolonged droughts which have severely affected the kingdom’s olive production and led to soaring prices, the Brazilian government announced on Wednesday.
In 2023, Morocco became Brazil’s third-largest agricultural export destination in Africa, with trade valued at USD 1.23 billion. By September 2024, exports to Morocco had already exceeded USD 903 million.
This olive oil agreement comes after Brazil secured permission in September to export dried distiller’s grains (DDG) to Morocco, marking another milestone in the bilateral agricultural trade relationship.
Brazil’s successful expansion into international markets is part of a broader strategy. As of 2024, Brazil’s agribusiness sector has reached its 193rd market access of the year, totaling 271 opportunities across 61 destinations.
These efforts are a direct result of close cooperation between Brazil’s Ministry of Agriculture and Livestock and the Ministry of Foreign Affairs, highlighting the country’s commitment to strengthening its agricultural exports.
Morocco’s olive oil industry has been struggling with adverse weather conditions. Over the past six years, frequent droughts have led to delayed or insufficient rainfall, severely impacting local crop yields.
Former Minister of Agriculture Mohamed Sadiki noted that olive production this year is expected to decline due to extreme heat and environmental stress, leading to a rise in olive oil prices. The price of a liter now stands at MAD 90 to 95 (USD 9 to USD 9.50), up from MAD 60 to 75 (USD 6 to USD 7.50), reflecting the scarcity of local production.
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