WORLD TRADE IN OLIVE OIL AND TABLE OLIVES
OLIVE OIL – 2016/17
Imports in olive oil and olive pomace oil in the first ten months of this crop year (October 2016 – July 2017) in the eight markets in the table below point to an increase of 25% in Brazil; 20% in Australia; 10% in China; 8% in Russia; 1% in Canada, and stable figures in Japan. In the United States, however, imports decreased by 5% compared to the previous crop year.
EU figures1 for the first nine months of the current crop year (October – June 2017) indicate that intra-EU acquisitions increased by 5% and extra-EU imports decreased by 6% compared to the same period the previous year.
TABLE OLIVES – 2016/17
In the first eleven months of the 2016/17 crop year2 (September 2016 – July 2017) in the five markets listed in the table below, imports increased by 18% in Brazil and 6% in Australia; they however decreased by 5% in Canada and by 2.5% in the United States compared to the same period of the previous crop year.
EU3 figures for the first ten months of the 2016/17 crop year (September 2016 – June 2017) indicate that intra- EU acquisitions increased by 1% while extra-EU imports increased by 5% compared to the previous crop year.
II. PRODUCER PRICES – OLIVE OIL
Graph 1 tracks the weekly movements in the prices paid to producers for extra virgin olive oil in the top three EU producing countries and in Tunisia, while graph 3 shows the weekly changes in producer prices for refined olive oil in the three main EU producer countries. Monthly price movements for these categories are given in Graphs 2 and 4.
Extra virgin olive oil – Producer prices in Spain have slightly decreased over the last few weeks, coming in at €3.72/kg in the second-to-last week of September 2017, which is a 17% increase compared to the same period the previous year. A comparison of this price with the maximum price in the third week of August 2015 (€4.23/kg) indicates a 12% decrease (Graph 1).
Italy – Prices in Italy have tapered off in recent weeks, coming in at €5.42/kg in mid-September 2017, which is a 38% year-on-year increase. Graph 2 shows the monthly price movements of the extra virgin olive oil category in recent crop years.
Greece – The prices in Greece have remained stable in recent weeks, coming in at €3.78/kg, which is a 28% increase compared to the same period the previous year.
Tunisia – Prices in Tunisia, following a period of stability from mid-April to mid-June, decreased slightly in recent weeks coming in at €3.88/kg in mid-September 2017 for a 20% year-on-year increase.
Refined olive oil: Producer prices for refined olive oil in Spain and Italy generally follow the same trend as the prices for extra virgin olive oil. The price in Spain in September 2017 stood at €3.65 /kg, up by 20% compared to the same period the previous year. In Italy it reached 3.77€/kg, for a 20% year-on-year increase. No price data are available for this product category in Greece.
In mid-September 2017, the price difference in Spain between refined olive oil (€3.65/kg) and extra virgin oil (€3.72/kg) was of €0.07/kg. In Italy, the price difference between the two categories was greater than in Spain at €1.65/kg (Graph 3).
Photo by Consorzio Dop Garda