Forgive the lack of an image showing a glistening bottle of oil drizzling over a greek salad, whilst the stereotype Greek family sit and feast together after their toil in the groves.

A decade on from a whistle-blowing NBG report declared that 70-80% of olive oil production is shipped in bulk to Italy and elsewhere for bottling as premium oil, it seems that little has changed.

Short term profit motives still prevail. Is Greece giving away it’s national treasure? This excellent article, translated from Tharros today examines the situation and possible solutions.

Olive oil, the “liquid gold” of the Greek land, has always been a product of strategic importance for the economy, the health and culture of the country. However, a decade separates the study of the National Bank of Greece (NBG) in 2015 from the recent data presented in the Economic Courier in 2025 – and the picture remains almost unchanged: the Greece continues to lose hundreds of millions of euros a year, failing to to capitalize on the high quality of its production.

NBG’s study had described Clearly the situation: average production of around 310,000 tonnes per season 2010–2014, of which 80% were extra virgin, the highest percentage in Europe.

Despite the quality superiority, 70% of exports left in bulk, mainly to Italy, where it was bottled and was resold as an Italian brand. The bank estimated at the time that the country could to earn an additional 250 million euros. per year if it invested in vertical integration and in branding. He even warned that without a strategic plan, Greece would was losing further share in a global market that was becoming more and more Competitive.

Ten years later, his article Unfortunately, the Economic Courier confirms the predictions. The production of 2024–25 amounted to 250,000 tonnes, with 82% being extra virgin. However, the The picture in exports remains exactly the same – if not worse. 70% still leaves in bulk, and only 5% bears a Greek brand name.

The result is economically painful: estimated losses of 250–300 million euros. per year, an almost identical amount with what NBG had calculated in 2015 as “lost goodwill”. The situation is exacerbated by international developments. Italy and Spain continue to dominate the market, benefiting from organisation, vertical integration and your marketing strategy. At the same time, countries that used to be in the margins, such as Turkey, Morocco and Tunisia, have upgraded production and seek dynamic entry into large markets such as the United States. States and the United Kingdom.

Greece, on the other hand, sees the Its percentages in these markets are shrinking: just 2.6% in the US and 4.5% in Britain. Criticism can only be harsh. NBG’s study in 2015 acted as an alarm bell: it highlighted structural weaknesses (small lot, weak cooperatives, high production costs) and proposed direction of change. Ten years later, little has changed. The industry shows trapped in a short-term profit culture, with producers and traders prefer the easy solution of bulk export, leaving surplus value to third parties. The state, despite the announcements from time to time, has not succeeded to implement a coherent national plan for Greek olive oil.

The resulting picture is disappointing: ten years lost, with the same pathogens being reproduced and international competition becoming fiercer. Greece remains a reliable but “invisible” supplier of raw materials, while other countries are building a branded identity and winning the markets. If there is hope, it is in the recognition of the problem and the will to change. Greek olive oil has undeniable quality, but it urgently needs strategic rebranding, strengthening of cooperative schemes, investments in vertical integration and international marketing. Otherwise, in 2035 we will be writing the same article again, with the same missed opportunities and the same findings.

By Antonis Petrogiannis