Production Edges Higher, Prices Lower in Latest Olive Council Report
Global olive oil production looks set to increase again for the 2011/12 crop year, according to initial estimates released by the International Olive Council (IOC).
Spain expects to produce 1.4 million tons, up 2 percent over last season, Greece anticipates 310,000 tons ( up 3 percent) and France 5,700 tons, about the same as 2010/11. Outside the E.U., Syria forecasts 200,000 tons (up 11 percent) and Tunisia and Turkey both expect 180,000 tons, respective rises of 50 percent and 12 percent. The IOC is yet to receive estimates from some member countries.
Table olive production is also tipped to rise. The IOC says in its August newsletter that estimates are for lower production than last season in some European countries, such as Spain and Greece, but should be offset by higher production in Syria (165,000 tons, up 16 percent), Iran (45,000 tons, up 88 percent), and Turkey (450,000 tons, up 36 percent).
In Egypt, table olive production is set to soar 150 percent on a year ago, reaching a record 500,000 tons. Egypt’s olive cultivation is geared towards the table variety. It was a pioneer in micro irrigation and now an expert in using poor-quality aquifer water.
International trade up 13 percent
In the first eight months of 2010/11, aggregate imports by Australia, Brazil, Canada, Japan, the U.S. and the EU27 climbed 123,440 tons, up 13% on a year ago.
From October to June, imports increased into Brazil ( up 23 percent) Canada ( up 7 percent) and the USA ( up 9 percent). Conversely, Australian and Japanese imports fell by 1 percent and 12 percent respectively. EU data was not yet available for June, but the figures for the first seven months show a comparative rise of 16 percent on last season.
EVOO prices have fallen 4 percent in Spain (€1.89/kg), held steady in Greece (€2.04/kg) and climbed 35 percent in Italy (€3.57/kg), compared to the same period a year ago. Prices recently dipped in Italy after a high of €3.92/kg in the 20th week and in Spain the drop followed a long period of stability. The IOC said that these changes might be related to the release of the first estimates for 2011/2012.
US/Canada promotion campaign
The IOC also reports that its US/Canada olive oil and table olive promotion launch will take place on September 21, during Fashion Week at New York’s Lincoln Center. Under the slogan of “Add Some Life, the event will feature a Miami chef and restaurant owner, Michael Schwartz.
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This article was last updated January 4, 2015 - 10:18 AM (GMT-5)