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European imports of olive oil grow by 98%

European imports of olive oil grow by 98%

2018/13/09 - This is the main conclusion of the last Newsletter (July/August) published by the International Olive Council (IOC), which details that the country that most intervenes in this remarkable increase in imports of olive oil from outside the EU is Tunisia, which is growing by 118% compared to the previous period.

According to the IOC, trade in olive oil and olive-pomace oil in the eight markets listed in the table below close the first nine months of the 2017/2018 crop year (October 2017 – June 2018), with an increase of 29% in Brazil, 9% in Canada, 2% in the US, and with Japan remaining stable compared to the same period the previous year. Imports, however, fell by 5% in Australia, and 1% in Russia during the first eight months of the crop year up until June; the data from Russia for the month of June were not available. As for China, data had not been available since April 2018 at the time of publishing this Newsletter. In the first six months of the crop year, China’s imports fell by 8% compared to the same period the previous year.

On the other hand, trade in the EU during the first eight months of the crop year showed an increase in extra-EU imports of 98%. The country most involved in this increase is Tunisia, which saw a 118% increase compared to the same period the previous year. Intra-EU acquisitions fell 8% compared to the same period the previous year.

Table Olives

Regarding tade in table olives in the first ten months of the 2017/2018 crop year2 (September 2017 – June 2018) showed growth in Canada of 11% and falls in the rest of the markets : 4% in Australia, 5% in Brazil and 3% in the US compared to the same period the previous year. The data from Russia were not available for June, but in the first eight months, imports fell by 1%. Data from China has not been available since April, but in the first six months of the crop year, imports fell by 8% compared to the same period the previous year.

As far as trade with the EU of table olives in the first nine months of the 2017/2018 crop year showed growth: 5% in intra-EU acquisitions and 19% in extra-EU imports compared to the same period the previous year.

Prices

Producer prices for EVOO in Spain remained somewhat stable in the last two months, reaching € 2.77/kg. at the end of August 2018, a -27% variation on the same period last year.

Italian prices for extra virgin picked up slightly in the last weeks of July, reaching € 4.55/kg. by the last week of August, a 26% fall compared to the same period the previous year.

Regarding Greece, EVOO prices have recovered in the last few weeks, standing at € 2.78/kg. at the end of August, which is down by 26% compared to the same period the previous year.

Finally, prices in Tunisia have remained stable in the last weeks of June 2018, at €3.43/kg, which is down by 18% compared to the same period the previous year.

Producer prices for refined olive oil in Spain and Italy generally follow the same trend as the prices for extra virgin olive oil. The price in Spain first fell sharply before climbing slightly in the last few weeks, posting € 2.45/kg. at the end of August 2018, down by 34% compared to the same period the previous year. In Italy, the data for this category of oil have not been available since the end of December 2017, when they stood at € 3.55/kg., which was a 4% increase on same period the previous year. No data from Greece are available for this product category.

However, at the end of June 2018, the price difference between refined oil (€ 2.45/kg.) and extra virgin olive oil (€ 2.77/kg.) in Spain was € 0.32/kg. In Italy, the price difference between these two categories was greater, according to the December 2017 data, at € 0.63/kg.

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