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


Olive Council Reports on Flavored Oils, Fall in World Trade

Jun. 11, 2014
Julie Butler

Recent News

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.”


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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