World picture for olive oil so far in 2014/15 - IOC report

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Trade in olive oil and olive pomace oil got off to a good start in 2014/15 in the majority of the countries listed in the table below. In the first three months of the crop year (October–December 2014), year-on-year imports were higher in Russia (+13 pc), Australia and Canada (+8 pc each), Japan (+6 pc) and Brazil (+3 pc) but lower in the United States (−2 pc, especially since December 2014) and China (−1 pc).

Olive oil imports (including olive-pomace oils) (t)
2015-03-10_olive_oil Comparison of the figures for December 2013 and 2014 (see table below) flags up large decreases in Australia (−18 pc), Russia (−16 pc), Brazil and the United States (−13 pc each) and China (−12 pc); only Canada records a gain (+15 pc) while the tonnage for Japan is virtually unchanged. An eye will have to be kept on developments over the coming months to see whether these decreases are one-off or whether they are riding on the back of the lower supply on the world market caused by this season’s small harvest and higher prices.

The December 2014 data were not available for the EU at the time of publication but the October + November 2014 data show a 13 pc increase in intra-EU acquisitions and a decrease of 35 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 up on last year’s.

2. WORLD PICTURE FOR TABLE OLIVES SO FAR IN 2014/15 In the first three months of the 2014/15 crop year, i.e. from October to December 2014, table olive imports (see table below) were higher in Russia (+18 pc) and Canada (+2 pc) than in the same period a year earlier but lower in Australia (−14 pc). In the United States and Brazil they held steady although the December increase in U.S. imports was noteworthy.

At the time of publishing this newsletter, the December 2014 data were not available for the EU but in October and November 2014, intra-EU acquisitions were 1 pc lower and extra-EU imports 34 pc higher than the same time the season before. Importing country October 13 October 14 November 13 November 14 December 13 December 14

Source: International Olive Council MARKET NEWSLETTER – FEBRUARY 2015
Featured picture credited by Mercacei

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