Two olive companies received a €5 Million loan to expand sourcing and boost exports of Tunisian branded olive oil.
The European Bank for Reconstruction and Development (EBRD) is lending €5 million to two olive oil companies in Tunisia to support the development and help boost bottled olive oil exports.
Borrowers, Sovena MENA and Tiba Foods, subsidiaries of Sovena Group, a Portuguese olive oil company, will use the bank’s funds to expand their sourcing of olive oil, which will deepen links with local farmers and mills and “the loan will contribute to increasing the production of bottled olive oil for export,” EBRD said in a press release.
We are proud to say that we are present in many markets, but we still need to create a profile for Tunisian olive oil.- Abdel Salam al-Wadi, Tunisian Olive Oil Assoc.
Currently, most of the country’s production is exported in bulk, but exporters and officials agree Tunisia needs to export more olive oil in bottles, said the Financial Times. Bottling creates a value-added product that offers higher economic rewards and helps Tunisia build a brand.
Last year, demand for Tunisian olive oil rose to unprecedented levels. Exports reached 312,000 tons for the 2014 – 15 season, up from 45,000 tons in the 2013 – 14 season, according to data from the Oxford Business Group. Tunisia was the world’s second largest producer, yet, many consumers didn’t know when they were pouring the country’s olive oil.
Spain and Italy imported over half of Tunisia’s olive oil exports as they both witnessed poor olive harvests during the 2014 – 15 campaign. Once the Tunisian olive oil was within their borders, much of it was blended with the domestic supply and branded as being from the two European nations.
Building a brand by exporting more bottled olive oil is a challenge the industry is aiming to overcome, Abdel Salam al-Wadi, chairman of the Tunisian Olive Oil Association told the Financial Times last year. “We are proud to say that we are present in many markets, in the US, the Gulf and China and Japan. But we still need to create a profile for Tunisian olive oil,” he said.
Tunisia’s exports of bottled olive oil have grown over the past decade, reaching 20,000 tons last year, according to the Oxford Business Group, which said the aim is to export 50,000 tons by 2020. EBRD’s expects its investment to be a step forward.
EBRD is committed to fostering Tunisia’s olive oil industry and is becoming one of the largest supporters with its investment and policy dialogue, said Marie-Alexandra Veilleux-Laborie, EBRD office head in Tunisia. “After two projects in the olive oil sector in Tunisia, we are very proud to team up with Sovena Group to boost the production and export of Tunisian olive oil.”
More articles on: import/export, Tunisia
Feb. 23, 2024
World Trade Organization Finds U.S. Noncompliant in Table Olive Trade Spat
The WTO ruled that the U.S. must remove tariffs on Spanish table olive imports, while a separate case is pending in the Court of Appeals.
Aug. 18, 2023
Citing Rising Prices and Low Margins, Turkey Bans Bulk Olive Oil Exports
The trade ministry wants to promote the country's packaged olive oil exports while limiting further price rises for domestic consumers.
Jun. 12, 2023
Tracking the Rise of Olive Oil in Japan
The rising quantity and quality of olive oil production in Japan presents opportunities for local farmers as well as European exporters.
Nov. 21, 2023
The Agronomic and Macroeconomic Forces Behind Olive Oil Prices in Italy
Despite an anticipated production rebound in Italy, prices will likely remain high. Farmers will need to adapt to a new reality.
Oct. 11, 2023
Morocco Bans Olive Oil Exports in Bid to Control Rising Prices
Officials say the ban will stem olive oil price increases in the country. It won't help elsewhere.
May. 11, 2023
Kalinjot Monovarietal Places Albanian Olive Oil on World Stage
Andrew Strong hopes the Gold Award at the NYIOOC for an organic endemic monovarietal will catch the world’s attention.
Jan. 9, 2024
Tour in Tunisia Explores Olive Oil Culture and Cuisine
The Sfax Oleo Tour takes visitors on an eclectic trip through the olive oil-soaked region, visiting groves and sampling the many local delicacies.
Oct. 23, 2023
Olive Oil Producers in Turkey Decry Export Freeze
Turkey’s temporary olive oil export ban has brought down domestic prices while causing headaches for exporters.