Africa / Middle East

Olive Oil Prices Set to Rise in Israel as Import Quotas Run Out

Aug. 7, 2019
By Daniel Dawson

Recent News

Duty-free olive oil imports are about to hit their allot­ted quota in Israel, ahead of the Jewish hol­i­day season.

As a result, prices are expected to begin rising in October, right after Rosh Hashanah has taken place and a week before Yom Kippur, accord­ing to Globes, an Israeli busi­ness pub­li­ca­tion.

In the second quar­ter of the year, the Israeli Ministry of Agriculture pro­vided the cus­toms duty waiver to sev­eral Israeli importers, allow­ing them to bring olive oil into the coun­try with­out having to pay any of the usual tar­iffs.

Supermarket olive oil prices report­edly decreased by 12 per­cent after the cus­toms duty waivers were awarded.

“The cus­toms duty exemp­tion quotas have indeed brought about a sub­stan­tial reduc­tion in prices in the olive oil market,” said a spokesper­son from Israel’s Ministry of Economy and Industry, which is respon­si­ble for dis­trib­ut­ing the olive oil once it has been imported.

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The spokesper­son also said that it will be up to Israel’s Ministry of Agriculture to increase the number of waivers that can be rewarded for the rest of the year.

The Ministry of Agriculture gave no indi­ca­tion that it would do so, stat­ing that imported olive oil prices are already quite low this year.

“Olive oil prices are not expected to rise in advance of the Jewish hol­i­days,? a spokesper­son from the Ministry of Agriculture said. “Furthermore, it should be pointed out that prices of imported olive oil are very low, to the extent that even with the addi­tion of full cus­toms duties, imported olive oil is still cheaper than the local prod­uct.”

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