Between October 2013 and February 2014, the first five months of the 2013/14 crop year, trade in olive oil and olive pomace oil decreased overall by 9 pc in the seven countries listed below, falling from 247 347.1 t to 224 726.3 t. Individually, Japan is the only market where imports increased (+2 pc, above all because they picked up in February 2014). In the other countries, five-month imports dropped on average by 31 pc in China, 16 pc in Australia, 14 pc in Brazil, 10 pc in Canada, 6 pc in the United States and 3 pc in Russia.
Focusing on February, imports recovered in Australia, Japan and Russia, thus consolidating the upturn that began in December or January, but did not do so elsewhere. In point of fact, they decreased in Brazil (-4 pc), Canada (-18 pc) and China where imports recorded a large drop of 40 pc in February and 49 pc in January). In the
United States, imports turned upwards in January (+9 pc) but fell again in February (-5 pc). Concern about this decrease in imports is also fuelled by the fact that 1 pc growth was forecast for these seven countries in the provisional IOC balances for 2013/14. If the overall drop of 9 pc holds, the current figures in the 2013/14 balance would have to be adjusted to lower world imports by 53 900 t.