`Production Edges Higher, Prices Lower in Latest Olive Council Report - Olive Oil Times

Production Edges Higher, Prices Lower in Latest Olive Council Report

By Julie Butler
Sep. 8, 2011 20:58 UTC

Global olive oil pro­duc­tion looks set to increase again for the 2011/12 crop year, accord­ing to ini­tial esti­mates released by the International Olive Council (IOC).

Spain expects to pro­duce 1.4 mil­lion tons, up 2 per­cent over last sea­son, Greece antic­i­pates 310,000 tons ( up 3 per­cent) and France 5,700 tons, about the same as 2010/11. Outside the E.U., Syria fore­casts 200,000 tons (up 11 per­cent) and Tunisia and Turkey both expect 180,000 tons, respec­tive rises of 50 per­cent and 12 per­cent. The IOC is yet to receive esti­mates from some mem­ber coun­tries.

Table olives

Table olive pro­duc­tion is also tipped to rise. The IOC says in its August newslet­ter that esti­mates are for lower pro­duc­tion than last sea­son in some European coun­tries, such as Spain and Greece, but should be off­set by higher pro­duc­tion in Syria (165,000 tons, up 16 per­cent), Iran (45,000 tons, up 88 per­cent), and Turkey (450,000 tons, up 36 per­cent).

In Egypt, table olive pro­duc­tion is set to soar 150 per­cent on a year ago, reach­ing a record 500,000 tons. Egypt’s olive cul­ti­va­tion is geared towards the table vari­ety. It was a pio­neer in micro irri­ga­tion and now an expert in using poor-qual­ity aquifer water.

International trade up 13 per­cent

In the first eight months of 2010/11, aggre­gate imports by Australia, Brazil, Canada, Japan, the U.S. and the EU27 climbed 123,440 tons, up 13% on a year ago.

From October to June, imports increased into Brazil ( up 23 per­cent) Canada ( up 7 per­cent) and the USA ( up 9 per­cent). Conversely, Australian and Japanese imports fell by 1 per­cent and 12 per­cent respec­tively. EU data was not yet avail­able for June, but the fig­ures for the first seven months show a com­par­a­tive rise of 16 per­cent on last sea­son.

Producer prices

EVOO prices have fallen 4 per­cent in Spain (€1.89/kg), held steady in Greece (€2.04/kg) and climbed 35 per­cent in Italy (€3.57/kg), com­pared to the same period a year ago. Prices recently dipped in Italy after a high of €3.92/kg in the 20th week and in Spain the drop fol­lowed a long period of sta­bil­ity. The IOC said that these changes might be related to the release of the first esti­mates for 2011/2012.

US/Canada pro­mo­tion cam­paign

The IOC also reports that its US/Canada olive oil and table olive pro­mo­tion launch will take place on September 21, dur­ing Fashion Week at New York’s Lincoln Center. Under the slo­gan of Add Some Life, the event will fea­ture a Miami chef and restau­rant owner, Michael Schwartz.

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