Tallying the figures from last year, the International Olive Council (IOC) in its latest newsletter said olive oil imports to the U.S. rose due to the strong output for the 2013/14 harvest in Spain, which challenged Italy as America’s leading olive oil supplier.
Italy supplied 44 percent of the imports, while Spanish olive oil accounted for 40 percent. Tunisia managed to provide just 5 percent of U.S. imports, and Argentina supplied 2.8 percent, the IOC reported.
Spain’s share of exports to the world’s largest market more than doubled from the year before to 124,452 tons out of the total U.S. import total of 312,558 tons.
Last year’s poor crop in Greece amounted to only 1.8 percent of the U.S. olive oil imports.
This year, on the other hand, is expected to be quite different as the cyclical nature of olive harvests, bad weather and environmental scourges broadsided producers in Italy, Spain and Portugal.
See Also:The 2014 Harvest: Complete Coverage
This season it is Tunisia that has the bumper crop, and Greece is also expected to make up some of the market share it lost last year.
Trend of U.S. imports of olive oil and olive pomace oil (Source: IOC)
Using new U.S. customs nomenclature for virgin olive oils the IOC was also able to report that about half (49 percent) of last year’s imports were extra virgin grade and 11 percent of total imports were organic extra virgin. 15 percent of extra virgin imports were in bulk containers, defined as being over 18kg (39.7 Lbs).
The producer prices for Italian extra virgin olive oil have inched downward from recent 10-year highs but still remain at historic levels, while prices for Greek and Spanish olive oils have been less affected by forecasts of a production shortfall this year.
Italian extra virgin currently commands €5.55 per kilogram ($6.43) at the farm gate, up from €2.65 ($3.07) early last year, while in Jaén, prices have risen to €3.12 ($3.61).
Related Articles
Jun. 5, 2024
Pompeian VP Says Baltimore Bridge Disaster Cost Company Millions
While the company was able to receive its most recent shipment of European olive oil through the port, the measures taken after the disaster were unsustainable in the long run.
Sep. 5, 2024
Spanish Producers, Policy Makers Explore Strategies for Success in Chinese Market
From an emphasis on quality and terroir to smaller packaging formats, Spanish olive oil sector stakeholders identified several strategies to increase olive oil consumption in China.
Nov. 21, 2023
The Agronomic and Macroeconomic Forces Behind Olive Oil Prices in Italy
Despite an anticipated production rebound in Italy, prices will likely remain high. Farmers will need to adapt to a new reality.
Feb. 19, 2024
Quality Is Key in El Mistol’s Drive to Grow in Argentina, Expand Exports
The producer hopes the new government’s policy agenda and the company’s investments to expand production will improve profitability and grow the local consumer base.
Jul. 15, 2024
As Value of Tunisian Exports Soar, Packaged Olive Oil Struggles
Olive oil export revenues in the first seven months of the 2023/24 crop year nearly doubled in Tunisia, but many producers are not reaping all the benefits.
Feb. 23, 2024
World Trade Organization Finds U.S. Noncompliant in Table Olive Trade Spat
The WTO ruled that the U.S. must remove tariffs on Spanish table olive imports, while a separate case is pending in the Court of Appeals.
Jun. 12, 2024
Turkey Eases Export Ban Following Intense Lobbying
Turkish producers will be able to export 50,000 tons of bulk olive oil until November. With forecasts of bumper harvest, the sector wants the ban lifted completely.
Dec. 18, 2023
Reflections on 45 Years Championing Italian Olive Oil in America
Nearly half of a century after a chance encounter with an Italian olive oil producer, John J. Profaci looks back on his role in the American market.