World trade in olive oil, close of the 2014/15 crop year

International Olive Council

World trade in olive oil, close of the 2014/15 crop year

At the close of the 2014/15 crop year, which ran from October 2014 until September 2015, sales of olive oil [olive oils (customs heading 15.09) and olive pomace oils (15.10)] showed a season-on-season increase for Japan (+10 pc), where heavy import growth began in March 2015, steady levels in the United States and China and decreases in Russia (-33 pc), Australia (−21 pc), Brazil (-8 pc) and Canada (−7 pc).

At the season end, intra-EU acquisitions were down by 3 pc on the previous crop year whereas extra-EU imports showed a steep 293 pc rise. This situation was prompted by the heavy drop in production in Spain and Italy in 2014/15, which obliged these countries to look for supplies elsewhere, especially in Tunisia. As a result, Spanish imports from Tunisia soared by 1071 pc and Italian imports by 330 pc. As reported in the previous issue of this newsletter, this upward movement in imports from Tunisia began in December 2014 and stemmed from its record harvest in 2014/15, which positioned it as the world’s top exporter that season.

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