Daily Archives: January 16, 2015

  • IOC Report on Olive Oil Producer Prices

    Graph 1 tracks the weekly movements in the prices paid to producers for extra virgin olive oil in the three top EU producing countries plus Tunisia while Graph 3 shows the weekly changes in the producer prices for refined olive oil in the three main EU producers.

    The monthly price movements for the same two grades of oil are given in Graphs 2 & 4.

    Extra virgin olive oil: In June 2014, producer prices in Spain started to rise constantly. In October the market seemed to be searching for equilibrium in that prices fell but in the following two months they reversed direction, reaching €3.12/kg by the end of December. This is the highest level yet in the period under review and is 55 pc higher than a year earlier and 59 pc higher than the low recorded in May 2014 (€1.96/kg) (Graph 1).

    Italy: In recent months, producer prices in Italy have been on a very clear upward trend. In the week from 10 to 16 November 2014, they hit the highest level of both the period under review and the last decade, reaching €6.79/kg. This price hike was probably prompted by the forecasts of a lower-than-usual harvest.

    The IOC does not know the volume of product sold at these prices.

    After a small dip in the second last week of December, prices switched back upwards to reach €5.55/kg at the end of December 2014, equating with an increase of 109 pc on a year earlier and 110 pc compared with the low recorded in the second week of December 2013 (€2.64/kg). Graph 2 shows how the monthly prices of extra virgin olive oil have changed in recent crop years.

    Greece: After holding steady at €2.51/kg through July and August 2014, producer prices in Greece climbed for several weeks. They then declined at the beginning of October only to peak in the next two months. At the end of December 2014, they stood at €2.91/kg, thus showing 18 pc growth on the same period of 2012/13.

    Tunisia: At the end of October 2013, producers were paid €2.53/kg for their extra virgin olive oil. Prices then started moving downwards until late December 2013, when they levelled off after some fluctuations. By the end of December 2014 they were lying at €2.73/kg (+22 pc compared with a year earlier) and they have remained at this level for the last two weeks.

    Refined olive oil: Producer prices for refined olive oil moved up in a similar upward direction in Spain and Italy from June 2014. In Spain they dipped slightly in the last two weeks of September 2014, then picking up again only to fall slightly to €2.66/kg by the end of December 2014.

    Despite this dip, this price level is 41 pc higher than in the same period of 2012/13. In Italy, while prices have been moving in parallel with those in Spain, they did peak in the third week of January 2014 (€2.83/kg).

    At the end of December, prices were hovering around €2.75/kg, translating into a period-on-period increase of 27 pc which restores Italian prices to their usual position above Spanish prices.

    No price data are available for this product category in Greece.

    At the end of December 2014, the price of refined olive oil and extra virgin olive oil in Spain differed by €0.46/kg, with €2.66/kg being paid for the first category and €3.12/kg for the second.

    In Italy, the difference in price between the two categories is quite a lot wider than in Spain (€2.80/kg – Graph 3).

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    Source: International Olive Council – Newsletter N89

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    Graph 1 tracks the weekly movements in the prices paid to producers for extra virgin olive oil in the three top EU producing countries plus Tunisia while Graph 3 shows the weekly changes in the producer prices for refined olive oil in the three main EU producers. The monthly... 
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  • World market for olive oil and table olives in 2013/14

     1. WORLD OLIVE OIL MARKET
    At the close of the 2013/14 crop year (October 2013–September 2014), imports of olive oil and olive pomace oil by the seven countries listed in the table below showed a season-on-season increase in the cases of Canada (+10 pc), the United States (+5 pc), Japan (+4 pc) and Australia (+1 pc) and decreases for China (-15 pc) and Brazil (-2 pc). Data for Russia are only available up to April 2014, i.e. for the first seven months of the crop year, and reflect an increase of 8 pc in imports.

    Intra-EU imports recorded a season-on-season increase of 17 pc while extra-EU imports fell by 62 pc. This cumulative fall in extra-EU imports seems logical given the high level of Spain’s production in 2013/14.

    2. WORLD TABLE OLIVE MARKET IN 2013/14
    At the end of the 2013/14 crop year (October 2013–September 2014) table olive imports by the five countries listed in the table had increased by 5 pc in Brazil, 0.4 pc in Canada and 1 pc in Australia versus 2012/13 while they had dropped by 5 pc in the United States. Again the data for Russia are only available up to April 2014, i.e. for the first seven months of the season and show a drop of 12 pc.

    The EU data for September 2014 were not available at the time of writing but in the first eleven months of the crop year, intra-EU acquisitions dropped by 9 pc while imports from non-EU countries increased by 13 pc.

    Source: International Olive Council – Newsletter N89

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     1. WORLD OLIVE OIL MARKET At the close of the 2013/14 crop year (October 2013–September 2014), imports of olive oil and olive pomace oil by the seven countries listed in the table below showed a season-on-season increase in the cases of Canada (+10 pc), the United States... 
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  • Spotlight on Olive Oil imports by the United States in 2013/14

    At the close of the 2013/14 crop year, imports by the United States, the world’s top importer of olive oil, totalled 312 557.80 t and were 5 pc higher than in 2012/13.

    Table 1 itemises US imports by country of origin. As can be seen, EU countries recorded a 15-point gain in their share of the US total, which went up from 71 pc in 2012/13 to 86 pc in 2013/2014 driven by high production in Spain.

    Accounting for 44 pc of total US imports, Italy is still the lead supplier although it has lost ground in volume and percentage terms.

    Spain lies in second place (40 pc). For the reason already explained, Spanish exports to the US soared by 111 pc in volume terms and by 20 points in percentage terms.

    Greece, on the other hand, had a bad harvest in 2013/14; as a result, its market share narrowed by 0.7 points versus 2012/13 and lies at a very low level of 1.8 pc.

    By volume, Tunisia is the third biggest supplier of the US market, although with only a 5 pc share in 2013/14 (7 points down on 2012/13) because of its small harvest.

    Argentina is next in fourth position (2.8 pc), followed by Turkey and Chile, which together with the other countries listed make up the rest of US imports.

    Chart I plots the trend of US imports through the last 24 crop years. To sum up, the biggest change in 2013/14 has been Spain’s sharp gain in market share, probably prompted by the steep increase in Spanish production that season and the growing demand for bulk imports (this aspect is reported in the next section and will be dealt with in detail in the next issue).

    According to the customs data and categories reported for 2013/14, extra virgin olive oil was the top category and therefore the one in greatest demand.

    With a volume of 153 200.7 t, it accounted for 49 pc of the total, 34 pc of which was imported in containers under 18 kg (104 768.4 t) (see Chart I).

    The remaining 15 pc (48 432.3 t) was imported in bulk, i.e. in containers > 18 kg (Chart II).

    Organic extra virgin olive oil cornered 11 pc (34 470.0 t) of total imports, of which 7 pc (20 683.9 t) was packed and 4 pc (13 786.4 t) was bulk.

    Virgin olive oil took a 4 pc share (10 875.3 t) of the total and was almost all delivered in containers > 18 kg.

    Organic virgin olive oil accounted for only 1 pc of the total. Charts I and II show the imports of the different categories of virgin olive oil by type of container.

    There has been no change in the reporting format of the other categories of oil (olive oil under 150990 and olive pomace oil under 151000).

    Source: International Olive Council – Newsletter N89

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    At the close of the 2013/14 crop year, imports by the United States, the world’s top importer of olive oil, totalled 312 557.80 t and were 5 pc higher than in 2012/13. Table 1 itemises US imports by country of origin. As can be seen, EU countries recorded a 15-point gain in... 
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