U.S. Olive Oil Imports on Record-Setting Pace
The U.S. imported 306,844 tons of olive oil during the first 11 months of the 2015/2016 harvest season and, for the first time, more of it was from Spain than Italy.
The United States is importÂing a record amount of olive oil this year, with more comÂing from Spain than Italy for the first time. Spanish exports to the U.S. were up 43 perÂcent over the preÂviÂous year, driÂven by a strong harÂvest seaÂson, comÂpetÂiÂtive pricÂing, and aggresÂsive proÂmoÂtional efforts.
The United States is on pace to import a record-setÂting amount of olive oil this year, accordÂing to figÂures released today by the International Olive Council (IOC).
For the first 11 months of the 2015/16 crop year, the U.S. imported 306,844 tons of olive oil and, for the first time, more of it was from Spain than Italy.
See Also:Global Olive Oil Production, 1990 – 2015 (IOC)
In fact, accordÂing to the IOC, Spanish exports to the States were up 43 perÂcent over last year. A strong harÂvest seaÂson, comÂpetÂiÂtive pricÂing and aggresÂsive proÂmoÂtional efforts are among other facÂtors that led to the domÂiÂnant results for the world’s largest olive oil proÂducer.
The U.S. conÂsumes more than 10 perÂcent of the global olive oil supÂply with per capita conÂsumpÂtion mainÂtainÂing at around one liter per year.
Another huge marÂket where Spain is the domÂiÂnant supÂplier is China, which imported 11 perÂcent more olive oil than durÂing the same period year before. More than three-fourths of Chinese olive oil imports were virÂgin grade.
After a period of falling imports, Australia brought in 11 perÂcent more olive oil from abroad than the year before but Brazil, which has been seen as a fast-growÂing New World marÂket, posted a decline of 4 perÂcent for the 11-month period.
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