The paper analyses the dynamics of the Italian olive oil trade and gives a preliminary explanation of the opportunity in the international market. The paper starts showing the description of olive oil chain and production and underlining the main factors affecting the import export system. The aim of this work is to explain the magnitude of the trade flows for olive oil from Italy to its main importing countries. This objective has been reached by establishing an appropriate econometric model derived from an extended form of the “Gravity Model”. This model has been broadly applied to the analysis of international trade because it provides robust estimates. The results obtained and the model itself are useful in forecasting potential trends in the exportation of high quality Italian olive oil.