`Olive Oil Imports Down in Australia, Way Up in Brazil - Olive Oil Times

Olive Oil Imports Down in Australia, Way Up in Brazil

Oct. 11, 2011
Olive Oil Times Staff

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The world pro­duced just over 3 mil­lion tons of olive oil in the 2010/11 har­vest sea­son, accord­ing to pre­lim­i­nary esti­mates released today in the International Olive Council’s September Market Summary. Spain is respon­si­ble for 46 per­cent of the total, or nearly 1.4 mil­lion tons.

Total world­wide exports and global con­sump­tion of olive oil both rose 3 per­cent over last year. The coun­cil noted in its report that for the past five years olive oil con­sump­tion has seen an aver­age annual increase of 3 per­cent. Consumption rose in every coun­try tracked by the report except one: Japan con­tin­ued its trend and con­sumed 6,000 tons less than it did last year.

Between October and July of this year, Australians imported 9 per­cent less olive oil than dur­ing the same period last year, while import totals rose impres­sively in Brazil (26 per­cent), the United States (7 per­cent) and Canada (6 per­cent).

Comparing cur­rent olive oil prices to last year’s reveals, not sur­pris­ingly, much lower lev­els 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 lim­ited aid for tem­po­rary pri­vate stor­age of olive oil sur­pluses.

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