` World Olive Oil Consumption Slips, Production Rebounds - Olive Oil Times

World Olive Oil Consumption Slips, Production Rebounds

Oct 8, 2013 8:38 AM EDT
Julie Butler

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Global olive oil pro­duc­tion should bounce back to about 3 mil­lion tons this sea­son — up by one fifth on 2012/13, accord­ing to a pro­vi­sional fore­cast from the International Olive Council (IOC).

In its first newslet­ter for the new sea­son — which started on October 1 — the IOC said Spain stood to see the most growth as it recov­ered from its poor har­vest last sea­son.

Output is oth­er­wise set to hold steady in the European Union (EU), except in in Portugal, where it is also expected to rise, and in Greece, where it is likely to fall due to high tem­per­a­tures and hot winds over sum­mer.

The IOC said that among its other mem­ber coun­tries, pro­duc­tion is fore­cast to be higher in Morocco but sig­nif­i­cantly lower in Tunisia, and also down in Turkey, due to poor rain­fall dur­ing flow­er­ing.

However, it is still very early for these esti­mates to be con­sid­ered solid,” it said.

Provisional fig­ures for 2012/13: world con­sump­tion down six per­cent

Final fig­ures are due to be pre­sented next month, but the IOC’s pro­vi­sional data puts last season’s world olive oil pro­duc­tion at about 2.5 mil­lion tons — down by just over a quar­ter on 2011/12’s record 3.37 mil­lion tons.

Adverse weather cut Spain’s har­vest by 62 per­cent in 2012/13 and out­put was also down in Portugal, by 23 per­cent, but up 22 per­cent in Greece, nine per­cent in Italy, 21 per­cent in Tunisia and two per­cent in Turkey.

Meanwhile, world con­sump­tion in 2012/13 was down about six per­cent on the pre­vi­ous year’s 3.1 mil­lion tons, dri­ven pri­mar­ily by decreases in EU coun­tries,” the IOC said.

Global olive oil trade 2012/13: imports into United States down five per­cent

Imports are up 22 per­cent in Japan, ten per­cent in Russia, two per­cent in China and four per­cent in Brazil but down five per­cent on the pre­vi­ous sea­son in the United States, two per­cent in Canada, and ten per­cent in Australia, accord­ing to the IOC’s lat­est trade fig­ures, for the first ten months of the 2012/13 crop year (October 2012 – July 2013).

Figures for the nine months to June show a rise of 70 per­cent in extra-EU/27 imports and an eight per­cent fall in intra-EU acqui­si­tions on the same period a sea­son ear­lier. This is obvi­ously linked to the low level of EU olive oil pro­duc­tion in 2012/2013,” the IOC said.

Producer prices for extra vir­gin olive oil

Ex-mill prices for extra vir­gin olive oil in late September — near the close of the 2012/13 crop year — were two per­cent lower than the same time a sea­son ear­lier in Spain, three per­cent higher in Italy and 23 per­cent higher in Greece, stand­ing at €2.54, €2.99 and €2.50 a kilo respec­tively.

Table olives: pro­duc­tion and con­sump­tion tipped to rise

Table olive pro­duc­tion is set to rise about four per­cent in 2013/14, to more than 2.5 mil­lion tons, on the back of increases in Spain and Portugal.

Greece expects a decrease but other IOC mem­bers also expect good har­vests and Turkey appears poised to step into sec­ond place in the pro­duc­tion rank­ing — after Spain and in front of Egypt.

Consumption for its part is fore­cast to inch slightly ahead of the level of the pre­vi­ous crop year,” the IOC said.

Global table olive mar­ket

Table olive imports rose by 24 per­cent in Brazil, ten per­cent in Russia, eight per­cent in Canada, three per­cent in Australia, and one per­cent in the United States in the first ten months of the 2012/13 crop year (October 2012 – July 2013).


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