Olive Oil Imports Down in Australia, Way Up in Brazil
The International Olive Council reported that global olive oil proÂducÂtion in the 2010/11 harÂvest seaÂson was just over 3 milÂlion tons, with Spain accountÂing for 46 perÂcent of the total. Worldwide exports and conÂsumpÂtion of olive oil both increased by 3 perÂcent comÂpared to the preÂviÂous year, with conÂsumpÂtion risÂing in every counÂtry except Japan.
The world proÂduced just over 3 milÂlion tons of olive oil in the 2010/11 harÂvest seaÂson, accordÂing to preÂlimÂiÂnary estiÂmates released today in the International Olive Council’s September Market Summary. Spain is responÂsiÂble for 46 perÂcent of the total, or nearly 1.4 milÂlion tons.
Total worldÂwide exports and global conÂsumpÂtion of olive oil both rose 3 perÂcent over last year. The counÂcil noted in its report that for the past five years olive oil conÂsumpÂtion has seen an averÂage annual increase of 3 perÂcent. Consumption rose in every counÂtry tracked by the report except one: Japan conÂtinÂued its trend and conÂsumed 6,000 tons less than it did last year.
Between October and July of this year, Australians imported 9 perÂcent less olive oil than durÂing the same period last year, while import totals rose impresÂsively in Brazil (26 perÂcent), the United States (7 perÂcent) and Canada (6 perÂcent).
Comparing curÂrent olive oil prices to last year’s reveals, not surÂprisÂingly, much lower levÂels in Spain, and higher prices for Italian olive oil. Prices in Greece were level.
Recently, Italian prices have backed off recent record highs and Spanish olive oil prices saw a small rally when the European Commission announced limÂited aid for temÂpoÂrary priÂvate storÂage of olive oil surÂpluses.
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