Spain Selling Less, Buying More Olive Oil
Spain, the world’s leadÂing olive oil proÂducer, saw a sigÂnifÂiÂcant decrease in proÂducÂtion this seaÂson, with imports increasÂing and exports decreasÂing in March. Ex-mill olive oil prices are believed to be the cause of the decline, with Spain’s olive oil stocks standÂing at 823,200 tons at the end of last month, a quarÂter below the four-year averÂage.
With its harÂvest now basiÂcally over and a milÂlion tons below that of last seaÂson, the world’s leadÂing olive oil proÂducer imported more olive oil in March, and exported less, than in any other month in the last four years, new figÂures show.
According to the Spanish Olive Oil Agency’s (AAO) latÂest marÂket report, Spain made just 10,200 tons of olive oil last month, bringÂing to 607,000 tons its total so far for 2012/13. Production remains down 62 perÂcent on last season’s record of 1.61 milÂlion tons.
Meanwhile, imports already stand at 61,300 tons for the first half of this seaÂson, October-March, which is more than the total Spain bought in any of the preÂviÂous four seaÂsons. In March, Spain imported 16,000 tons of olive oil and in February nearly 14,000 tons, accordÂing to the AAO. The monthly averÂage for the last four years is 3,800 tons and the most in any month was 10,000 tons, in May last year.
And exports have gone the other way. Spain shipped just 35,000 tons of olive oil in March. This (proÂviÂsional) total is the lowÂest for any month in the AAO figÂures since 2008/2009. Overall, exports this seaÂson are down a fifth and domesÂtic sales 13 perÂcent below averÂage for the same period.
Most comÂmenÂtaÂtors attribute this decline to the fact ex-mill olive oil prices are now about €1 higher than this time last year.
Spain’s olive oil stocks stood at 823,200 tons at the end of last month, a quarÂter under the four-year averÂage.
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