The new 2015/16 crop year opened with lower trading in olive oil and olive pomace oil in most of the eight markets listed below. In the first two months of the crop year (October and November 2015), the only exception was China where imports were up by 4 pc. The other markets showed large decreases of 38 pc in Brazil, 36 pc in Australia, 18 pc in Canada, 13 pc in Japan and 6 pc in the United States. Trade data for Russia were only available for the month of October and show a decrease of 58 pc compared with the same month of the previous season. This situation calls for close monitoring to check whether these negative results are merely one-off decreases or whether they are indicative of a trend. Preliminary analysis suggests that they may be due to various factors such as the repercussions of prices in the previous crop year, strategic purchasing by importers and the fact that new season oil was not yet ready for export. Whatever the case, it will be necessary to keep close tabs on the figures in the coming months.
The October 2015 figures for EU trade1 reveal a decrease of 27 pc in intra-EU acquisitions but an increase of 161 pc in extra-EU exports versus the same period of 2014/15.
International Olive Council