Olive & Oil 06/06/2011

Olive oil world celebrates second-best harvest ever

In the last IOC market newsletter the data and the trends of 2010/11. In 20 years production climbed: +112%

All the forecasts appear to indicate that 2010/11 will be the second-best season ever (3080500 t), following in the footsteps of the record of 2003/04 (3174000 t). Ninety-eight per cent of world production is concentrated in the hands of the IOC member countries taken as a whole. The EU/27 accounts for 73% of this tonnage and the rest of the IOC member countries for 25%. The chief source of this rise is higher production in Algeria (50000 t); Morocco, where production is expected to double to 150 000 t since 2009/10; Syria, which will record an all-time high of 180 000 t; and Turkey (160000 t).

Among the producing countries of the 27-member European Union, Spain holds a 45% share of world production (1375000 t) while the provisional production figures for the other producers are 5600 t (France), 300000 t (Greece), 480000 t (Italy) and 71800 t (Portugal).

Over the last 20 years world production has climbed from 1453000 t (1990/91) to 3 080 500 t (2010/11), representing a rise of +1627500 t or +112%.

In the first three months of 2010/11 aggregate imports by the six countries listed in the next table climbed by (60045.6), up 17% compared with the same period the season before.
Over the first five cumulative months of the season (October–February), imports increased into Australia (+2%), Brazil (+21%) Canada (+16%) and the USA (+9%) while they decreased by -6% into Japan from November onwards.

Comparison with the same period of the year before reveals that current prices have dropped by 5% in Spain (€2.01/kg) and 5% in Greece (€1.94/kg) while in Italy they moved in the opposite direction, going up by 44% to €3.90/kg.

di T N