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Spanish olive oil exports exceed one million tons so far

Spanish olive oil exports exceed one million tons so far

09/25/2014 - The Spanish Ministry of Agriculture, Food and Environment (Magrama) and the olive sector have held a meeting of the Sectoral olive oil and table olives working group to analyze the market situation, from data provided by the Information and Food Control Agency (AICA) up to August 31st, from which it appears that exports are above one million tons.
Figures for foreign sales recorded so far exceed those of the previous season in which 875,000 tons were reached as a whole. Specifically, according to information provided by the Ministry, the production of the current season could be the highest in the last ten seasons, without counting the record 2010/11 campaign.

Regarding marketing, with a better export performance compared to recent seasons, we can find a balance in the outputs. Also the increase in prices for all categories, that started early this summer, will continue, while an adequate pace of exits will be maintained. As a result, according to the Magrama, an appropriate balance between resources and market outlets will be achieved and will cover the needs for the start of the new campaign.

Olive oil market
According to the AICA, the production of olive oil in Spain in this campaign amounts to 1,777 million tons, representing an increase of 187% over what was obtained in the former and 41% higher than the average of the last four seasons. The milled olive sums up to 8,768 million tons with an average yield of 20.24%.

Exports, with provisional data for August, are quantified in 1,017 million tons, showing an increase of 82% over the previous year and of 45% compared to the average of the last four campaigns. The monthly average output of this period was 92.470 tons.

Meanwhile, imports are estimated at 52,700 tons, 52.4% less than the same period of the previous season.

On the other hand, the apparent domestic market had amounted to 498,500 tons, increasing 7% compared to last season and is almost equal to the average of the four preceding seasons. The average monthly output has been 45,320 tons.

Mass marketing (apparent domestic market + exports) has reached the 1,515 million tons, representing an increase of 48% over the previous year and of 26% compared to the average of the last four. The average monthly output has been of 137,790 tons.

As for stocks, the total volume is 615,000 tons, 5% higher than the average of the last four seasons. 440,400 tons are stored in mills, representing a decrease of 1% compared to the average of the four last campaigns. Meanwhile, in the packing plants, refineries and other operators 174,600 tonnes are located.

Table olives
Regarding table olives, the campaign began at September with a stock of 311,670 tons, 9.5% lower than in the previous season. According to the AICA, the production was 573,490 tonnes, representing an increase of 17% over last season.

In particular, 486,460 tons were sold, of which 323,560 have been destined for export and 162,900 to domestic market. Overall, the market has increased by 1% compared to the previous season.

Finally, until August 31, stocks are quantified in 354,330 tonnes, 14% more than in the previous season.
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