Spain’s Ministry of Agriculture, Fisheries and Food has published the bulletins on the foreign trade of olive oil and olive pomace oil corresponding to the period between October and May of the 2017/18 campaign. According to the Ministry, exports of olive oil posted a turnover of more than 2 billion euros, thus remaining above average.
The volume of exports stands below previous campaigns, but a recovery has been seen in recent months. The largest falls were posted in INTRA EU exports, particularly noteworthy in Italy (down 42%), our main destination for exports. At an EXTRA EU level, unit values have increased, with the largest volumes in China (up 18%), Brazil (up 6%) and Australia (up 5%), while declines were posted in the United States (down 24%) and Japan (down 8%).
Imports of olive oil have fallen in recent months although both the volume and the amount are higher than in recent campaigns. The entry of third countries has increased to a greater extent and exceeds imports of EU origin, with 58% of the total volume imported.
In the case of olive pomace oil, with turnover of 203 million euros, exports are at record levels for this period and exceed the previous campaign, which reached an all-time high. By country, the volumes of INTRA EU exports compared with the fall in exports to third countries, and the unit values of exports have increased to all destinations.
Imports have also grown on previous campaigns, to a greater extent in terms of amount and to a lesser extent those from EU countries, which have seen a recovery in production.