`More Grim Figures For Global Olive Oil Trade


More Grim Figures For Global Olive Oil Trade

May. 8, 2014
By Julie Butler

Recent News

Olive oil imports are down about nine per­cent on last year in seven major mar­kets out­side Europe – a drop of 22,620 tons, accord­ing to new fig­ures from the Inter­na­tional Olive Coun­cil.

That means the IOC esti­mate of a world sur­plus of 480,000 tons this sea­son – just updated to reflect higher Span­ish pro­duc­tion – could end up much big­ger.

In its lat­est mar­ket newslet­ter, the IOC reports Japan is the only key mar­ket where olive oil and olive pomace oil imports increased in the first five months of the sea­son – last Octo­ber to this Feb­ru­ary. Imports are up 2 per­cent there on the same period last year.

But it’s bad news in the world’s top two non-EU mar­kets – the United States and Brazil – with falls of 6 and 14 per­cent respec­tively. And in China, the biggest mar­ket after Japan, trade has plunged 31 per­cent, while for Aus­tralia it was 16 per­cent, Canada 10 per­cent and Rus­sia 3 per­cent.

Con­cern about this decrease in imports is also fuelled by the fact that 1 per­cent growth was fore­cast for these seven coun­tries in the pro­vi­sional IOC bal­ances for 2013/14. If the over­all drop of 9 per­cent holds, the cur­rent fig­ures in the 2013/14 bal­ance would have to be adjusted to lower world imports by 53, 900 tons,” the IOC said.

Record pro­duc­tion in Spain


Between last Octo­ber 2013 and the end of March, the first six months of the 2013/14 sea­son, Spain pro­duced more than 1.75 mil­lion tons of olive oil, accord­ing to its Food Infor­ma­tion and Con­trol Agency (AICA).

This record ton­nage is 188 per­cent more than the sea­son before and higher than the ini­tial esti­mates. As a result, world pro­duc­tion is assessed at around 3,150 000 tons and end­ing stocks are expected to be more than 480,000 tons as long as the other pro­vi­sional fig­ures in the world bal­ance do not change,” the IOC said.

Table olive sales down except in U.S.

In the first five months of the 2013/14 table olive crop year, sales were up by 6 per­cent on last year in the U.S., but down 14 per­cent in Rus­sia, 11 per­cent in Brazil, 7 per­cent in Canada and 3 per­cent in Aus­tralia.

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