World Olive Oil Market in the early months of 2014/15

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In the first four months of the 2014/15 crop year (October 2014–January 2015), the figures for trade in olive oil and olive pomace oil in the countries listed in the table show year-on-year import increases for Brazil (+7 pc), Japan (+6 pc) and Australia (+2 pc) but decreases for Canada, China and the United States (−4 pceach).

Import data for Russia are only available for the first three months of the year and point to a 13 pc rise. The figures for December 2014 and January 2015 show large decreases in imports compared with the same months a season earlier. Specifically, season-on-season imports were down in December in Russia, in December and January in China and the United States, and in January in Australia and Canada.
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It will be necessary to keep track of developments over the coming months to see whether these decreases are one-off or whether they are linked to the lower supply on the world market caused by this season’s small harvest and higher prices. On the other hand, in January Brazil more than made up for the decrease in imports recorded in
December.

The January 2015 data were not available for the EU at the time of publication but the October–December 2014 data show an increase of 18 pc in intra-EU acquisitions and of 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.

Source: International Olive Council MARKET NEWSLETTER No 92 – March 2015

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