Lower Yields in Tunisia Push Prices Higher
The price of Tunisian olive oil exports has sigÂnifÂiÂcantly increased on interÂnaÂtional marÂkets recently, with export prices risÂing by 30 perÂcent from November 2020 to March 2021 comÂpared to the preÂviÂous crop year. Despite a decrease in olive oil proÂducÂtion in Tunisia, the increase in prices led to subÂstanÂtial revÂenue growth for the whole proÂducÂtion and export chain, with packÂaged olive oil exports showÂing conÂtinÂuÂous growth and repÂreÂsentÂing added value on the marÂket, parÂticÂuÂlarly in Europe and North America.
The price of Tunisian olive oil exports has increased subÂstanÂtially on interÂnaÂtional marÂkets in recent months.
From November 2020 to March 2021, export prices increased by 30-perÂcent comÂpared with the preÂviÂous crop year.
According to the figÂures released by the National Olive Oil Office (ONH), Tunisia exported 109,000 tons of olive oil in that period, down from the 144,000 tons recorded in the same period of the preÂviÂous year.
See Also:Tunisian Exporters See Opportunities AbroadWhile the volÂumes were affected by the olive oil proÂducÂtion decrease in the counÂtry, prices per unit grew. Overall revÂenues reached 852 milÂlion dinar (€258 milÂlion) against the 895 milÂlion dinar (€271 milÂlion) in the 2019/20 fisÂcal year.
Moez Ben Amor, ONH comÂmerÂcial direcÂtor, said olive oil proÂducÂtion after the latÂest harÂvest dropped to around 300,000 tons against the 440,000 tons of the preÂviÂous year.
However, in a stateÂment to the local TAP news agency, Ben Amor focused on the sellÂing price, which improved conÂsidÂerÂably comÂpared to the preÂviÂous seaÂson. The 30-perÂcent increase means subÂstanÂtial revÂenue growth for the whole proÂducÂtion and export chain, he added.
In the last five years, ONH recorded conÂtinÂuÂous growth for packÂaged olive oil exports, which grew in volÂume by 34 perÂcent.
Those volÂumes reached 11,519 tons in the curÂrent seaÂson, equal to 130 milÂlion dinar (€39 milÂlion) in revÂenue, against the 97,538 tons of bulk olive oil exports. In the same period of the preÂviÂous year, 8,586 tons of packÂaged olive oil were exported.
Packaged olive oil is the focus of sevÂeral iniÂtiaÂtives by the Tunisian authorÂiÂties, who in recent months have worked to lower bureauÂcratic hurÂdles and proÂmote prodÂuct qualÂity through the digÂiÂtalÂizaÂtion of proÂceÂdures and new qualÂity labels.
Ben Amor conÂfirmed the relÂeÂvance of packÂaged olive oil and extra virÂgin olive oil for the added value they repÂreÂsent on the marÂket, even more on the interÂnaÂtional marÂkets.
The OHN offiÂcial specifÂiÂcally referred to the trade agreeÂments with the European Union, which allows local proÂducÂers to export 57,600 tons of their prodÂuct to the E.U. each crop year.
According to Ben Amor, almost 70 perÂcent of all Tunisian olive oil exports are desÂtined for Europe, with 23 perÂcent going to the North American marÂket, which grew from 19 perÂcent in the preÂviÂous year.
See Also:Trade NewsMore specifÂiÂcally, in the first five months of the fisÂcal year, the United States imported 2,000 tons of packÂaged olive oil, Ben Amor said, while Canada imported 3,000 tons. The ONH added that sales to Saudi Arabia and the United Arab Emirates had also increased.
Ben Amor emphaÂsized that the growÂing interÂest in Tunisian olive oil abroad fueled packÂaged olive oil exports, which in turn allowed exporters to strengthen Tunisian brands on the interÂnaÂtional marÂkets.
He added that both Asian and African counÂtries repÂreÂsent opporÂtuÂniÂties for Tunisian exporters, highÂlightÂing India, Japan and China, counÂtries where olive oil popÂuÂlarÂity and imports are steadily growÂing.
Increasing exports are also fuelÂing investÂments in the Cho Group, one of the major Tunisian proÂducÂers and packÂaged olive oil exporters.
According to Agence Ecofin, the International Finance Corporation and the Dutch Fund Development Finance Fund are investÂing €12 milÂlion in the comÂpany to fuel the expanÂsion of its packÂaged olive oil export operÂaÂtions.
Today the comÂpany sells its packÂaged olive oil in 24 counÂtries and some of its prodÂucts have proved their qualÂity, includÂing Terra Delyssa, which won a Silver Award in the 2020 NYIOOC World Olive Oil Competition.
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