Business

Brazil Olive Oil Imports Boom, Prices Slump

Apr. 10, 2012
By Julie Butler

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Record olive oil pro­duc­tion in Spain — already at 1.56 mil­lion tons by the end of February — leads the March market newslet­ter from the International Olive Council (IOC).

Quoting fig­ures from the Agencia para el Aceite de Oliva (Olive Oil Agency), the IOC high­lights that this is well above the pre­vi­ous record of 1.41 mil­lion tons in 2003/04. The table olive har­vest, mean­while, is down 14 per­cent on last season, with just 519,310 tons so far netted.

Brazil: Olive Oil Imports Booming and Virgin Triumphing

The IOC focused this month on Brazil, where it will soon launch a cam­paign to pro­mote olives and olive oil. The coun­try notched its all-time high for olive oil and olive pomace oil imports in 2010/11, top­ping 65,000 tons and up 21 per­cent on the season before — making 78 per­cent growth in five years.

More than 70 per­cent of total olive and pomace oil imported into Brazil last season was virgin olive oil (46,910 tons), 23 per­cent was olive oil grade and the rest was pomace. Portugal is Brazil’s main sup­plier, account­ing for 55 per­cent of imports, fol­lowed by Spain with 26 per­cent, Argentina 11 per­cent and Italy 6 per­cent.

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Source: IOC

Brazil’s Table Olive Market: More than Forty Percent Growth in Five Years

Argentina dom­i­nates table olive sales to Brazil, sup­ply­ing 75 per­cent of last season’s total imports of 65,218 tons, fol­lowed by Peru with 16 per­cent and the European Union with 9 per­cent. Brazil’s table olive imports have recorded 44% growth in the last five years, reach­ing a total of nearly 87,000 tons last season.

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World Market: Chinese Imports Climb 20 Percent but Total Imports Down 1.7 Percent

For the first four months of the 2011/12 season (October-January), olive oil and olive pomace oil imports were up 20 per­cent in China, 10 per­cent in the U.S., and 8 per­cent in Brazil, com­pared to the same period last season, but down 18 per­cent in Canada and 10 per­cent in Australia.

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While the January fig­ures were not avail­able at the time of writ­ing, imports into Russia for October – December were up 35 per­cent. Figures for the same period for extra-EU and intra-EU imports show falls of 18 per­cent and 3 per­cent respec­tively.

Table Olives

Imports of table olives for October-January increased by 22 per­cent in Brazil and 4 per­cent in Canada but fell by 11 per­cent in the U.S. and 4 per­cent in Australia.

Olive Oil Producer Prices Plunge Again in Spain and Italy

After a slight upturn, extra virgin olive oil prices have slumped again in Spain and Italy but varied little in Greece. Compared with the same period a year ago, they are down 28 per­cent in Italy (€2.35/kg) 13 per­cent in Spain (€1.75/kg), and 3 per­cent in Greece (€1.84/kg).

Refined olive oil

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The prices for refined oil in Spain and Italy are the lowest in the last three sea­sons. Over the last 12 months, they’ve fallen 5 per­cent in Spain (€1.66/kg) and 7 per­cent in Italy (€1.77/kg). Extra virgin olive oil is cur­rently only about €0.08/kg more expen­sive than refined oil in Spain while in Italy it costs €0.58/kg more.

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