WORLD MARKET for OLIVE OIL & TABLE OLIVES - UPDATE on the START of the 2014/15 CROP YEAR

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For the first five months of the 2014/15 crop year (October 2014–February 2015), the figures for trade in olive oil (customs heading 15.09) and olive pomace oil (customs heading 15.10) in the countries listed in the table show year-on-year import increases of +7 pc in Brazil, +5 pc in the United States where the strong import growth in February 2015 made up for the drops in December 14 and January 15, and +2 pc in Japan despite the 14 pc reduction in imports in February 15.

2015-05-13_olive_oil_imports

In contrast, imports were lower in Russia (−5 pc) owing to a switch of trend as of December 14, as well as in Australia and Canada (−2 pc each). In the case of Australia, imports started to fall in November 14 while in Canada they decreased in October 14 and January 15 and the decreases were not offset by the rises recorded in November and December 14 and February 15.

Imports into China were lying at a similar level as in the same five-month period of 2013/14 although a monthly breakdown points to increases in November 14 and February 15 alternating with decreases in the other months. Neither the January nor the February 2015 data were available for the EU at the time of publication but the data for the first months of 2014/15 show an increase of 18 pc in intra-EU acquisitions and 8 pc in extra-EU imports compared with the same period a season earlier.

Owing to the hefty drop in Spain and Italy’s output, imports from outside the EU will probably be considerably higher than last season, particularly imports from Tunisia where the harvest is much higher than last year (this can be seen in the 27.6 pc increase recorded in December even before the change in the EU regulation on the tariff quota at zero-rate duty).

TABLE OLIVES: UPDATE ON 2014/15
In the first five months of the 2014/15 crop year, i.e. from October 2014 to February 2015, table olive imports (see table below) were higher in Brazil (+5 pc), the United States (+5 pc) and Russia (+1 pc) than in the same period a year earlier; note the rise in US table olive imports as of December 14 and in Brazilian imports as of January 15.

2015-05-13_table_olives_import

Imports moved in the opposite direction in Australia, dropping by 17 pc since November 14, and Canada (−2pc).

At the time of publication, the data for January and February 2015 were not available for the EU but in the first three months of the 2014/15 season, intra-EU acquisitions increased 2 pc as of December 14 and extra-EU imports rose 30 pc from the start of the season compared with the same period of 2013/14.

Source: International Olive Council Newsletter No 93–April 2015

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