Total trade growth in olive oil market stands at 3% for 2016-2017 season

One month from the end of the 2016-2017 season, the figures show an increase in the volumes of olive oil sold. Although the data are highly positive overall and reflect growth (up 3% on last season and up 3.5% on average), uneven results can be seen when comparing the domestic market with exports.

Exports have increased significantly. The figure of 885,500 tonnes is the highest in the last five seasons, only surpassed by the record high posted in the 2013-2014 season.

Volumes in the domestic market are slightly higher than those posted last season. Although production was down 8%, this was offset by a larger stock to begin with.

As regards prices at source, the market has posted an upward trend in the season overall although a downturn has been seen in recent weeks. Internationally-speaking, prices remain stable.

Table olive production of 596,110 tonnes for the season ending on 31 August is the third-highest on record, surpassed only by last season (601,210 tonnes) and the all-time record in 2010-2011 (608,630 tonnes).

The olive oil market

Olive production this season amounted to 1,284,100 tonnes. This figure represents a rise of 8.5% on that posted in the previous season and is 11% higher than the average for the last four seasons. Milled olives amounted to 6,493,939 tonnes, with an average performance figure of 19.73%. This is 0.8 points below the figure from last season.

Imports based on provisional data for the month of August are estimated at a total of 88,100 tonnes.

Exports, also based on provisional data for the month of August, are estimated at a total of 885,500 tonnes. This is a decrease of 12% on the previous season and an increase of 13% (some 100,000 tonnes more) than the average for the last four seasons. The monthly export average for this period stands at 80,500 tonnes.

The apparent domestic market amounts to 417,800 tonnes, a decrease of 11% on the previous season and a decrease of 12% on the average for the last four seasons. The monthly export average to the internal market for these eleven months stands at 37,980 tonnes.

Total sales (Apparent Domestic Market + Exports) stands at 1,303,300 tonnes, an increase of 3% on the previous season and an increase of 3.5% on the average for the last four seasons. The monthly export average for this period stands at 118,480 tonnes.

The total stock volume stands at 399,900 tonnes, 6% lower than the average for the last four seasons. 254,800 tonnes are currently stored at oil presses, which is a decrease of 5% on the average for the last four seasons; 136,900 at packaging companies, refineries and operators; and 8,200 tonnes at the Fundación del Patrimonio Comunal Olivarero (Olive Producers Shared Heritage Foundation).

The table olive market

The 2016-2017 table olive season began with stock of 341,450 tonnes at 1 September 2016, 17% higher than in the previous season.

Production this season stands at 596,110 tonnes, which represents a decrease of 1% on the previous season.

Total sales stand at 496,740 tonnes - 325,600 tonnes for export and 171,140 tonnes for the domestic market. Total sales have fallen by 1% on the previous season.

Stock at 31 August stands at 365,310 tonnes, which represents an increase of 8% on the previous season.

Non official translation