Spanish olive oil, a big winner from the tariff reduction agreed between China and the EU

Spain is positioned to be a primary beneficiary of a recent tariff reduction agreement between the European Union and China. The deal, finalized last week, will cut existing import taxes on olive oil by half. As the leading supplier of olive oil to the Chinese market, Spain stands to gain significant economic advantages from this policy shift.

Data indicates that Spain currently accounts for 77 percent of China's total olive oil imports. In 2025, Spanish exports of extra virgin olive oil to China reached a valuation of 114 million dollars, or 108.1 million euros. The reduction in trade barriers is expected to further solidify Spain's dominant market position in the region.