`Olive Council Reports Upswing in World Olive Oil Market - Olive Oil Times

Olive Council Reports Upswing in World Olive Oil Market

Jul. 8, 2014
Julie Butler

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Global sales of olive oil and olive pomace oil ral­lied in April, accord­ing to the International Olive Council’s lat­est mar­ket newslet­ter.

Imports in seven key coun­tries for the first seven months of 2013/14 – October to April – totaled 341,288 tons, down just 2 per­cent on the same period last sea­son, com­pared to 8 per­cent for the six months to March.

That’s thanks to a recov­ery in April in all of those mar­kets except China, where imports this sea­son are down 28 per­cent year-on-year.

Despite the April upswing, imports are also still down 9 per­cent in Brazil and 7 per­cent in Australia but now up 11 per­cent in Canada, 8 per­cent in Russia and 7 per­cent in Japan. Imports into the U.S. for October-April are about even with last sea­son.

EU data was not yet avail­able for April but for October – March, intra-EU acqui­si­tions were up 5 per­cent and imports from out­side the EU down 43 per­cent. The fall in extra-EU imports seems log­i­cal given the bumper har­vest this sea­son in Spain, the IOC said.

Spanish exports back up after low pro­duc­tion last sea­son

The IOC included a sec­tion on olive oil exports from Spain, which had a bad har­vest last sea­son and expects 2014/15 to be smaller than this sea­son.

In the first half of 2013/14, Spain shipped a total of 562,824 tons – up 64 per­cent year-on-year. Of these, 247,863 tons (+144.5 per­cent) went to Italy, 58,650 tons to the U.S. (+140 per­cent), 57,761 tons to Portugal (+19.6 per­cent), 43,375 tons to France (+29.3 per­cent) and 22,251 tons to the U.K. (+6 per­cent). Spain’s sales also increased to Japan, Australia and Russia but fell in China (-29.4 per­cent) and Brazil (-34.2 per­cent).

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