Ammon News -

Agriculture Minister Khaled Hanifat said Tuesday that the government agreed to a ministry request to provide JD1 million to subsidize the export of a limited amount of surplus olive oil from last year, not exceeding 1,000 tons, as the new season draws closer.

He said in a press release that the subsidy will be allocated by the Agriculture Risk Fund, adding that the decision is to "remove the distortions resulting from unregulated olive oil imports in past years, which led to a surplus and accumulations that caused a market glut."

Jordan Olive Products Exporters Association (JOPEA) President Fayad Zyoud estimated surplus olive oil in the last season at 2,500-3,000 tonnes, and said today's decision will temporarily help exports to currently availably markets, particularly the Gulf Arab countries.

He noted that Jordanian olive oil has won about 50 global awards, including gold, silver and platinum, in competitions in the United States, Canada, Britain, the United Arab Emirates, Japan and Italy.

Zyoud estimated that Jordan will produce about 170,000 tons of olives in this coming season, as there are about 15 million olive trees of different varieties in the Kingdom.