` Olive Council Reports on Flavored Oils, Fall in World Trade

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Olive Council Reports on Flavored Oils, Fall in World Trade

Jun. 11, 2014
By Julie Butler

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Olive oil and olive pomace oil imports are down nearly 8 per­cent across seven major mar­kets – a year-on-year drop of more than 23,000 tons, the lat­est Inter­na­tional Olive Coun­cil mar­ket newslet­ter shows.

For the first half of this sea­son, Octo­ber-March, imports were up 6 per­cent in Rus­sia and 2 per­cent in Japan but down 28 per­cent in China, 12 per­cent in Brazil, 9 per­cent in Aus­tralia, 8 per­cent in Canada and 7 per­cent in the United States.

Accord­ing to updated fore­casts for 2013/14, also pub­lished in the newslet­ter, world car­ry­over stocks at sea­son end in Sep­tem­ber will total 392,000 tons, up 57,500 tons on last sea­son. Other revised esti­mates for this sea­son are (in tons, with 2012/13 fig­ure in brack­ets): start­ing stocks 334,500 (908,000); pro­duc­tion 3.10m (2.42m); imports 780,500 (843,500); con­sump­tion 3.03m (2.99m); and exports 793,500 (840,000).

Flavoured oils: should be labeled condi­ments”

As we recently reported, the issue of fla­vored oils was dis­cussed at last month’s meet­ing of the IOC Advi­sory Com­mit­tee, in Croa­tia. Shar­ing a lit­tle more detail in its newslet­ter, the IOC said the com­mon opin­ion was that these oils should be termed condi­ments or some­thing sim­i­lar and do not fall under the scope of the IOC trade stan­dard.”

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Accord­ing to the stan­dard, vir­gin olive oil is the oil extracted directly from olives by mechan­i­cal or phys­i­cal means; no addi­tives are allowed. The cat­e­gory of prod­uct known as olive oil is defined as a blend of refined olive oil and vir­gin olive oil. Only the addi­tion of a max­i­mum amount of 200mg/kg of total alpha- toco­pherol is per­mit­ted in the final prod­uct to replace alpha-toco­pherol elim­i­nated dur­ing refin­ing; no other prod­uct or addi­tive may be added.”

The com­mit­tee mem­bers requested the IOC Coun­cil of Mem­bers to draw the atten­tion of Mem­bers to the pro­vi­sions of the stan­dard and to invite them to bring out spe­cific domes­tic reg­u­la­tions to label flavoured oils as condi­ments or prepa­ra­tions,” the IOC newslet­ter said.

Ex-mill prices for extra vir­gin olive oil

- Spain: pro­ducer prices in Spain are still falling, the IOC also said, hav­ing reach­ing an aver­age of €1.98/kg in late May – down more than a quar­ter on the same time last year. Refined olive oil was about €0.22/kg cheaper than extra vir­gin grade.

- Tunisia. €2.28/kg by the end of May – 13 per­cent down on a sea­son ago.

- Greece: aver­ag­ing about €2.49/kg at end May, up 6 per­cent on last sea­son.

- Italy: prices started ris­ing in Decem­ber, reach­ing €3.61/kg at the end of May – 14 per­cent up on last year and the high­est of all four coun­tries in the last 32 months. The price of refined oil has been falling and stood at about €1.70/kg less than extra vir­gin grade.

Source: Inter­na­tional Olive Coun­cil

Table olives mar­ket

Imports of table olives were up 3 per­cent in the U.S. but down 13 per­cent in Rus­sia, 9 per­cent in Brazil, 4 per­cent in Canada and 1 per­cent in Aus­tralia for the first six months of the 2013/14 crop year (Octo­ber 2013 – March 2014) com­pared to the same period last sea­son.

IOC at Fancy Food Show in New York

The IOC is organ­is­ing an edu­ca­tional sem­i­nar to be held on Mon­day June 30 at the Sum­mer Fancy Food Show in New York City. A gath­er­ing of this type is a unique oppor­tu­nity to spread the word about the health ben­e­fits of olive oil,” it said.

And next year, for the first time, it will hold two edi­tions of its Mario Soli­nas Qual­ity Award, in Jan­u­ary and June, to attract more entries from a wider geo­graph­i­cal spread of coun­tries.”

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