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

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

Aug. 7, 2019
Daniel Dawson

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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.

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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