Olive Council Reports Upswing in World Olive Oil Market
Global sales of olive oil and olive pomace oil increased in April, with imports in key counÂtries for the first seven months of the seaÂson down just 2 perÂcent comÂpared to the preÂviÂous year. Spain saw a sigÂnifÂiÂcant increase in exports in the first half of the seaÂson, with sales to Italy, the U.S., and Portugal more than douÂbling year-on-year.
Global sales of olive oil and olive pomace oil ralÂlied in April, accordÂing to the International Olive Council’s latÂest marÂket newsletÂter.
Imports in seven key counÂtries for the first seven months of 2013/14 – October to April – totaled 341,288 tons, down just 2 perÂcent on the same period last seaÂson, comÂpared to 8 perÂcent for the six months to March.
That’s thanks to a recovÂery in April in all of those marÂkets except China, where imports this seaÂson are down 28 perÂcent year-on-year.
Despite the April upswing, imports are also still down 9 perÂcent in Brazil and 7 perÂcent in Australia but now up 11 perÂcent in Canada, 8 perÂcent in Russia and 7 perÂcent in Japan. Imports into the U.S. for October-April are about even with last seaÂson.
EU data was not yet availÂable for April but for October – March, intra-EU acquiÂsiÂtions were up 5 perÂcent and imports from outÂside the EU down 43 perÂcent. The fall in extra-EU imports seems logÂiÂcal given the bumper harÂvest this seaÂson in Spain, the IOC said.
Spanish exports back up after low proÂducÂtion last seaÂson
The IOC included a secÂtion on olive oil exports from Spain, which had a bad harÂvest last seaÂson and expects 2014/15 to be smaller than this seaÂson.
In the first half of 2013/14, Spain shipped a total of 562,824 tons – up 64 perÂcent year-on-year. Of these, 247,863 tons (+144.5 perÂcent) went to Italy, 58,650 tons to the U.S. (+140 perÂcent), 57,761 tons to Portugal (+19.6 perÂcent), 43,375 tons to France (+29.3 perÂcent) and 22,251 tons to the U.K. (+6 perÂcent). Spain’s sales also increased to Japan, Australia and Russia but fell in China (-29.4 perÂcent) and Brazil (-34.2 perÂcent).
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