`Olive Oil Imports Down in North America and China


Olive Oil Imports Down in North America and China

Dec. 10, 2013
Julie Butler

Recent News


Imports of olive oil and olive pomace oil in the giant North Amer­i­can mar­ket fell six per­cent in the year to Sep­tem­ber, the lat­est mar­ket report from the Inter­na­tional Olive Coun­cil shows.

Its first full-year fig­ures for the 2012/13 crop year — Octo­ber 2012 to Sep­tem­ber 2013 — also reveal drops of 10 per­cent in Aus­tralia and 8 per­cent in China but growth of 18 per­cent in Japan, 8 per­cent in Rus­sia and 5 per­cent in Brazil on the pre­vi­ous sea­son.

And imports into the Euro­pean Union from non-EU coun­tries were up 61 per­cent and trade within the EU down 10 per­cent for the first eleven months of the crop year com­pared to the same period in the 2011/12 sea­son, a sit­u­a­tion the IOC said was obvi­ously linked to the low level of EU olive oil pro­duc­tion in 2012/2013.”

World table olive mar­ket

Table olive imports, mean­while, rose by 8 per­cent each in the US, Brazil and Rus­sia and by 5 per­cent in Canada, while remain­ing at the same level in Aus­tralia com­pared to the pre­vi­ous sea­son. EU data to this Sep­tem­ber shows a rise of 2 per­cent in extra-EU/27 imports and of 3 per­cent in intra-EU-27 acqui­si­tions.


Ex-mill prices for extra vir­gin olive oil

Spain: The IOC’s Novem­ber newslet­ter also says that the prices paid to pro­duc­ers in Spain in late Novem­ber — around €2.30/kg — were 1 per­cent lower than the same time a sea­son ear­lier, as mar­kets reacted to the announce­ment of a good crop in the 2013/14 season…and the like­li­hood of olive oil stor­age being emp­tied as much as pos­si­ble to make way for new sea­son pro­duc­tion.”

Italy: Prices started to rise in the last week of Octo­ber and reached €2.65/kg by the end of Novem­ber, up by 2 per­cent on the same time the year before.

Greece: At the end of Sep­tem­ber, prices in Greece stood at about €2.50 but then dropped until lev­el­ing off for about four weeks at €2.36 in late October/November only to pick up to €2.41 in the last week of Novem­ber. This price level is 15 per­cent higher than the same period a year ear­lier and prob­a­bly mir­rors the small crop expected for 2013/14,” the IOC said.

Refined olive oil prices

Prices for refined olive oil in Spain and Italy fell to €2.15/kg and €2.17/kg respec­tively, declines of of 5 per­cent and 9 per­cent on the same period a sea­son ago. No data was avail­able for Greece.

The dif­fer­ence between the price of refined olive oil and extra vir­gin olive oil lies at about €0.15/kg in Spain and €0.48/kg in Italy.

Vir­gin olive oil now dom­i­nates imports in Brazil

The newslet­ter also included a sec­tion on Brazil, where imports of olive oil and olive pomace oil grew five per­cent year-on-year to reach about 74,874t in 2012/13, of which Por­tu­gal pro­vided 57 per­cent, Spain 25 per­cent, Argentina 9 per­cent and Italy six per­cent.

The vast major­ity of these imports — 73 per­cent — was vir­gin grade olive oil, up from just 39 per­cent a decade ago. In 2002/03, 61 per­cent was of the olive oil grade (cus­toms head­ing 150990) but by last sea­son this had ebbed to 25 per­cent.

Argentina is by far the main source of Brazil’s table olive imports, though it has lost some ground to the next biggest sup­plier, Spain.


IOC Novem­ber 2013 mar­ket newslet­ter

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