`Spanish Olive Oil Exports Surpass One Million Metric Tons

Europe

Spanish Olive Oil Exports Surpass One Million Metric Tons

Sep. 25, 2014
By Olive Oil Times Staff

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Less than one month away from wrap­ping up the cur­rent (2013/14) cam­paign, reports out of Spain indi­cate that the coun­try has sur­passed one mil­lion met­ric tons in exported olive oil for the first time in his­tory.

Accord­ing to El Pais, Spain’s export mar­ket has been grow­ing steadily in recent years and is nearly dou­ble that of its cur­rent domes­tic demand. While the inter­nal mar­ket has fluc­tu­ated min­i­mally around 550,000 MT, exports have almost dou­bled, increas­ing from an aver­age of around 600,000 MT in the 90s to an esti­mated 1.1 mil­lion MT for the sea­son end­ing this month.

Accord­ing to Aso­liva, the marked increase in exports this cam­paign is mainly due to a record har­vest (1,775,000 MT) that occurred when prices were already low. More­over, Spain was vir­tu­ally the only coun­try among its com­peti­tors in Europe and North Africa (namely Greece, Italy, Turkey and Morocco) to have a stel­lar har­vest.

The record is short-lived, how­ever, with ana­lysts pre­dict­ing a steep drop-off in Span­ish olive oil pro­duc­tion for the 2014/15 sea­son.

The main export mar­ket for bot­tled olive oil, as usual, was the Euro­pean Union (60,000 MT), fol­lowed by the United States (20,000 MT), Aus­tralia and Brazil (17,000 MT each), China (12,000 MT), Japan (8,000 MT) and Rus­sia (7,000 MT). Spain is cur­rently the lead­ing exporter to the United States, China and Japan, while Italy retains its foothold in Ger­many and Canada.

Two com­pa­nies have been cru­cial to the rapid growth of the U.S. mar­ket. The first is the Sevilla-based Por­tuguese com­pany Sovena, which was forced to buy Span­ish oil to meet its demand in the United States; the sec­ond, Pom­per­ian, is a sup­plier to Costco.

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