`A Growing Appetite for Olive Oil in Korea - Olive Oil Times
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Asia

A Growing Appetite for Olive Oil in Korea

By Olive Oil Times Staff
Nov. 9, 2014 17:37 UTC
Summary Summary

Imports of olive oil into South Korea increased by almost 50 per­cent in the 2013/14 crop year, with Spain being the top sup­plier account­ing for 72 per­cent of imports, fol­lowed by Italy at 24 per­cent and Turkey at 3 per­cent. Despite the small size of the Korean mar­ket, the growth in imports posi­tions it among other promis­ing mar­kets such as China, Japan, and Brazil where exporters are focus­ing their mar­ket­ing efforts.

Imports of olive oil into South Korea climbed by nearly 50 per­cent dur­ing the 2013/14 crop year, accord­ing to the lat­est fig­ures released by the International Olive Council (IOC).

IOC REPORT: October 2014 Market Newsletter

While the Korean olive oil mar­ket, at less than 18,000 tons, remains rel­a­tively small, the growth in imports places it among other promis­ing mar­kets — like China, Japan and Brazil — where exporters are focus­ing more of their mar­ket­ing resources.

Spain has gained the upper hand in Korea, accord­ing to the IOC’s October newslet­ter, account­ing for 72 per­cent of imports, while Italy sup­plied 24 per­cent, and Turkey 3 per­cent. Virgin and extra vir­gin olive oil accounted for 76 per­cent of the imports, while 17 per­cent was olive pomace oil and 7 per­cent was the olive oil grade.

The IOC also pointed to a dra­matic 62 per­cent drop in olive oil imported to the EU for the first ten months of the sea­son (October 2013 – July 2014) which would be explained by Spain’s record-break­ing out­put of 1,780,200 tons.


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