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Spain leads the sales of Olive Oil to the US and China

Spain leads the sales of Olive Oil to the US and China

2016/02/11 - Spain, the first global producer and exporter, has increases its extra-EU exports of olive oil and olive pomace oil by 20% in the first 11 months of 2015/16 (October 2015-August 2016), compared to the previous crop year, says the last report of the International Olive Council (IOC).

The top five export destinations which post increases (by order of volume) are the United States, where Spain has taken the lead with a 43% year-on-year increase, followed by China (+30%), Japan (+4%), Australia (+41%) and Mexico (+8%). It should be noted that intra-EU sales have also increased in exports to France (+10%), Germany (+49%), the United Kingdom (+2.5%), and Belgium (+10%).


The imports of olive oil and olive pomace oil by the United States, a month off the end of the crop year, are looking to set record highs. Over the first 11 months of the crop year (October 2015 – August 2016) it has recorded a total of 306 844.1 t. Of these imports, 98% come from IOC member countries, of which 83% from EU countries and 15% from the other Members. Spain leads this market for the first time with a 32% increase compared to the same period the previous year, followed by Italy, Tunisia, Morocco and Greece.

One month before the end of the 2015/2016 crop year, imports of olive oil and olive pomace oil by China have increased by 11% compared to the same period the previous year. Graph II shows the monthly import rates of the last two campaigns. European countries supplied 97% of these imports, with Spain leading the market, with a 19% year-on-year increase, followed by Italy, up by 5%, Greece, Australia, Morocco, Turkey, Tunisia and Portugal. In relation to oil categories, 77% consisted of virgin olive oil (150910), 8% by olive oil (150990) and 15% by olive pomace oil (151000).

World trade in olive oil

Imports of olive oil and olive pomace oil over the first eleven months of 2015/16 (October 2015 –August 2016) in the eight markets that appear in the table below show a year-on-year increase of 14% in Australia, 11% in China, 7% in Canada, 6 % in the United States and 3% in Russia. Conversely, imports are lower in Brazil (-28%) and Japan (-9%).

Data for the EU in the first ten months of this crop year (October 2015 – July 2016) indicate that intra-EU acquisitions decreased by 7% and extra-EU imports decreased by 54% year-on-year.

Imports in table olives in the first 11 months of the 2015/16 crop year (October 2015 – August 2016) in the six markets that appear in the table below presented a year-on-year increase of 7% in Australia, 3% in Canada and a 1% increase in the United States. However, imports decreased by 4% in Brazil, and by 2% in Russia.


EU data for the first ten months of 2015/16 (October 2015 – July 2016) present a year-on-year increase of 2% in intra-EU acquisitions and of 3% in extra-EU acquisitions.

Producer Prices
Extra virgin olive oil: Producer prices in Spain fell slightly in the last few weeks coming in at €3.14/kg in the third week of October, which is a 1% year-on-year decrease. If we compare this price with the maximum price of the third week in August 2015 (€4.23/kg) it presents a 26% decrease.


Italy – Producer prices in Italy started to climb in mid-August, which intensified at the beginning of October, breaking the €4 barrier to reach €4.40/kg in mid-October, at the same level year-on-year.


Greece – Prices in Greece have remained stable since mid-August, standing at €2.95/kg in the third week of October 2016, which was a 10% year-on-year decrease.


Tunisia – The prices in Tunisia fell in August 2016 before rising in the first three weeks of September. They have remained stable over the last few weeks, standing at €3.23/kg in the third week of October 2016, which is a 13% decrease compared to the previous year.

Refined olive oil: The prices of refined olive oil in Spain and Italy generally follow the same trend as the price of extra virgin olive oil. In Spain, they came in at roughly the same level as the previous month, at €3.04/kg,
down by 10% compared to the previous year. However, while prices for virgin oils in Italy rose in recent weeks, refined olive oil remained stable, coming in at €3.13/kg in mid-October, which is a 7% fall on the same period the
previous year. No price data are available for this product category in Greece.


In mid-October 2016, the price of refined olive oil (€3.04/kg) and extra virgin olive oil (€3.14/kg) differed by €0.10/kg in Spain. In Italy, the difference in price between the two categories is wider than in Spain at €1.27/kg.

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