38th meeting of the IOC Advisory

Committee on Olive Oil and Table

Olives

Madrid , 17 October 2011

Exchange of information
on the olive oil and table olive market.

The balance for 2009/10, 2010/11 and 2011/12 crop year will not be approved until the November 2011 session.
The figures presented here are likely to change.

PRODUCER PRICES FOR SEED OILS vs VIRGIN

OLIVE OIL

US $/tm
4700

4200

3700
Extra Virgin Olive
Oil
(Spain)

3200
Corn Oil
(FOB Gulf)

2700

2200
Groundnut Oil (CIF Rott.)
Cotton Oil
(FOB Gulf)

1700

1200
Soybean Oil
(US. FOB Gulf)

700

Rape Oil (Fob Hamburg)

Source: Oil World Annual

S-11

A-11

J-11

J-11

A-11

M-11

M-11

J-11

F-11

D-10

N-10

S-10

O-10

J10

A-10

J10

A10

M10

M10

J10

F10

D09

N09

S09

oct-09

J09

A09

J09

A09

M09

F09

M09

E09

D08

Sun. Oil (FOB

Argentina)
N-08

S-08

oct-08

J-08

A-08

J-08

A-08

M-08

F-08

M-08

E-08

D-07

N-07

200

oct-07

Palm Oil, crude

(CIF N.W. Eur.)

PRODUCER PRICE INDICES FOR SEED OILS vs

VIRGIN OLIVE OIL
200

Soybean oil, US. (Fob Gulf)

Cotton oil

Corn oil

Palm oil crude

150

100

50

oct- N-07D-07E-08F-08 M- A-08 M- J-08 J-08 A-08S-08 oct- N-08 D08 E09 F09 M09 A09 M09 J09 J09 A09 S09 oct- N09 D09 J10 F10 M10 A10 M10 J10 J10 A-10S-10 oct- N-10D-10J-11 F-11 M- A-11 M- J-11J-11 A-11S-11
07
08
08
08
09
10
11
11

PRODUCER PRICE INDICES FOR SEED OILS vs

VIRGIN OLIVE OIL
200

Soybean oil, US. (Fob Gulf)

Cotton oil

Groundnut oil

Sun oil

Corn oil

Palm oil crude

150

100

50

oct- N-07D-07E-08F-08 M- A-08 M- J-08 J-08 A-08S-08 oct- N-08 D08 E09 F09 M09 A09 M09 J09 J09 A09 S09 oct- N09 D09 J10 F10 M10 A10 M10 J10 J10 A-10S-10 oct- N-10D-10J-11 F-11 M- A-11 M- J-11J-11 A-11S-11
07
08
08
08
09
10
11
11

PRODUCER PRICE INDICES FOR SEED OILS vs

VIRGIN OLIVE OIL
200

Soybean oil, US. (Fob Gulf)

Groundnut oil

Cotton oil
Sun oil

Corn oil
virgin olive oil

Palm oil crude

150

100

50

oct- N-07D-07E-08F-08 M- A-08 M- J-08 J-08 A-08S-08 oct- N-08 D08 E09 F09 M09 A09 M09 J09 J09 A09 S09 oct- N09 D09 J10 F10 M10 A10 M10 J10 J10 A-10S-10 oct- N-10D-10J-11 F-11 M- A-11 M- J-11J-11 A-11S-11
07
08
08
08
09
10
11
11

MOVEMENTS IN PRODUCER PRICES

EXTRA VIRGIN OLIVE

Average monthly prices

Euros/100 kg

400,0

Monthly prices Extra Virgin Olive Oil Bari (Italy)

380,0

Monthly prices Extra Virgin Olive Oil Jan (Spain)

360,0
Monthly prices Extra Virgin Olive Oil Iraklion/Messinia (Greece)

340,0
Monthly prices Extra Virgin Olive Oil Sfax (T unisia)

320,0
Monthly prices Extra Virgin Olive Oil T ras os Montes (Portugal)

300,0
280,0
260,0
240,0
220,0
200,0
180,0
160,0

O-08

2008 / 09

O-09

2009 / 10

O-10

2010 / 11

PROSPECTS 2011/12 OLIVE OIL

(thousand tonnes)

OLIVE OIL

2009/10*

2010/11*

2011/12*

Starting stocks
Production
Imports

669.5
2973.5
652.0

740.0
3011.0
705.0

767.5
3142.5
710.0

Consumption

2902.0

3014.5

3070.0

Exports

653.0

674.0

714.0

Ending stocks

740.0

767.5

836.0

Stocks / Exports-Imports

+70.5/+1

+27.5 / -31.0

+68.5 / +4.0

* The balance for this crop year will not be approved until the November 2011 session. The figures presented here are likely to change.

1,000 t

OLIVE OIL IMPORTS (1,000 tonnes)

1990/91 2010/11
World Imports

700
World Imports

600

500

400

300

200

100

1,000 t

OLIVE OIL IMPORTS (1,000 tonnes)

1990/91 2010/11
300
USA

EU/27

Brazil

Australia

Canada

Japan

Others

200

100

OLIVE OIL IMPORTS

2010/11
USA
39%
EU/27
16%
Japan
5%

Austr alia
5%
Brazil
8%

Canad a
6%

Other s
21%

Movements in virgin olive oil * export prices

(euros/kg)

* Heading: 150910

Movements in olive oil* export prices

(euros/kg)

* Heading: 150990

MONTHLY EXPORTS IN TONNES

Virgin Olive Oil*

* Heading: 150910

MONTHLY EXPORTS IN TONNES

Olive Oil*
tonnes

* Heading: 150990

OLIVE OIL IMPORTS *

tonnes
1,000 t

1990/91 2011/12

300

250

USA

200

150

100

50

0
1990/ 91

1992/ 93

1994/ 95

1996/ 97

199 8/ 9

2000/ 1

2002/ 3

2004/ 5

2006/ 7

2008/ 09

Monthly imports
2009/10 and 2010/11 crop years

tonnes

(est.)

35. 000

2009/10

2010/11

30. 000

25. 000

20. 000

15. 000

10. 000

5. 000

0
O ct ober

Novem ber

Decem ber

Januar y

Febr uar y

M ar ch

Including olive-pomace oils

Source: United States Department of Agriculture Foreign Agricultural Service

Apr il

M ay

June

2010 / 11

July

August

Sept em ber

USA

OLIVE OIL IMPORTS

BY CONTAINER

100

CUMULATIVE IMPORTS (tonnes)

IMPORTS BY CONTAINER (%)

80

Containers > 18 kg

300.000

Containers < 18 kg
250.000

Containers < 18 kg

60

200.000

Containers > 18 kg
150.000

40

100.000

20
50.000

93/94
9 3/ 9 4

9 4 /9 5

9 5 /9 6

9 6 /9 7

9 7 /9 8

9 8 /9 9

9 9 /0 0

0 0 /0 1

0 1 -fe b

0 2 /0 3

03/ 04

0 4 / 05

0 5 /0 6

0 6 /0 7

0 7 -a go

08- sep

0 9 -o c t

94/95

95/96

96/97

97/98

98/99

99/00

00/01

01/02

02/03

03/04

04/05

05/06

06/07

07/08

08/09

09/10

OLIVE OIL IMPORTS EUROPEAN UNION

1,000 t
25 0

Extra-EU
20 0

15 0

10 0

50

0
1997/ 98

1999/ 0

2001/ 2

2003/ 4

2005/ 6

2007/ 08

2009/ 10

Monthly imports
2009/10 and 2010/11 crop years

tonnes

2 0 .0 0 0

2009/10

2010/11

1 5 .0 0 0

1 0 .0 0 0

5 .0 0 0

Source: Eurostat

Oc to b e r

No v e m be r

De c e m be r

J a n u a ry

Fe b ru a ry

M a rc h

Ap ri l

M ay

J une

J uly

Au g u s t

Se p te m be r

2011/ 12(est .)

tonnes

OLIVE OIL IMPORTS EUROPEAN UNION

1,000 t
1200

INTRA-EU

1000

800

600

400

200

0
2 00 0/ 1

2 0 01/ 2

2 0 02 / 3

20 0 3/ 4

20 0 4/ 5

2 00 5 / 6

2 00 6 / 7

2 0 07 / 08

20 0 8/ 0 9

20 0 9/ 10

20 10 / 11(e st .)

20 11/ 12 ( est .)

Monthly imports
2009/10 and 2010/11 crop years

tonnes
120,000
200 9/10

2010/11

110,000

100,000
90,000

80,000
70,000

60,000
50,000
40,000

30,000
20,000

10,000
0
O ctober

Source: Eurostat

November

Decembe r

January

Februa ry

March

Apr il

May

Ju ne

July

Au gust

September

tonnes

OLIVE OIL IMPORTS*

tonnes

1,000 t

1990/91 2011/12

70

BRAZIL

60

50

40

30

20

10

0
1990/ 91

1992/ 93

1994/ 95

1996/ 97

1998/ 9

2000/ 1

2002/ 3

2004/ 5

2006/ 7

2008/ 09

2010/ 11

(est.)

Monthly imports
2009/10 and 2010/11 crop years

tonnes
8 .0 0 0

2009/10

2010/11

7 .0 0 0

6 .0 0 0

5 .0 0 0

4 .0 0 0

3 .0 0 0

2 .0 0 0

1 .0 0 0

O ct ober

Novem ber

Decem ber

Januar y

Febr uar y

M ar ch

Apr il

* Including olive-pomace oils

Source: Ministerio do Desenvolvimento, Industria e Comercio Exterior, Brasil

M ay

June

July

August

Sept em ber

OLIVE OIL IMPORTS*

1,000 t

tonnes

1990/91 2011/12

45

40

35

JAPAN
30

25

20

15

10

0
1990/ 91

1992/ 93

1994/ 95

1996/ 97

1998/ 9

2000/ 1

2002/ 3

2004/ 5

2006/ 7

2008/ 09

Monthly imports
2009/10 and 2010/11 crop years

tonnes

(est.)

5.000
2009/10
4.500

2010/11

4.000

3.500

3.000

2.500

2.000

1.500

1.000

500

Oc to b e r

No v e m b er

De c e m b er

J a n u a ry

* Including olive-pomace oils

Source: Trade Statistics of Japan Ministry of Finance

Fe b ru a ry

M a rc h

Ap ri l

M ay

J une

J uly

2010/ 11

Au g u s t

Se p te m b er

OLIVE OIL IMPORTS *

tonnes

1,000 t
45

1990/91 2011/12

40

35

CANADA

30

25

20

15

10

0
1990/ 91

1992/ 9 3

1994/ 95

19 96/ 97

1998/ 9

200 0/ 1

2002/ 3

2004/ 5

2 006/ 7

2008/ 09

2010/ 11

Monthly imports
2009/10 and 2010/11 crop years

tonnes

(est.)

5000

2009/10

2010/11

4500

4000

3500

3000

2500

2000

1500

1000

500

October

November

December

January

February

* Including olive pomace oils

Source: Statistics Canada International Trade Division

March

April

May

June

July

August

September

OLIVE OIL IMPORTS *

tonnes

45

1,000 t

1990/91 2011/12

40

35

AUSTRALIA

30

25

20

15

10

0
1990/ 91

1992/ 93

1994/ 95

1996/ 97

1998/ 9

200 0/ 1

2002/ 3

2004/ 5

2006/ 7

200 8/ 09

2010/ 11

Monthly imports
2009/10 and 2010/11 crop years

tonnes
5000

2009/10

4500

2010/11

4000

3500

3000

2500

2000

1500

1000

500

0
Oc to b e r

No v e m b e r

De c e m b e r

Including olive-pomace oils

Source: Australian Bureau of Statistics

J a n u a ry

Fe b ru a ry

M a rc h

Ap ri l

M ay

J une

J uly

Au g u s t

Se p te m b e r

(est.)

OLIVE OIL IMPORTS *

1,000 t

tonnes

1997/98 2011/12

35000

30000

CHINA

25000

20000

15000

10000

5000

1997/ 98

1998/ 99

1999/ 00

2000/ 01

2001/ 02

2002/ 03

2003/ 04

2004/ 05

2005/ 06

2006/ 07

2007/ 08

2008/ 09

2009/ 10

2010/ 11

2011/ 12

Monthly imports
2009/10 and 2010/11 crop years

tonnes
5000

2009/10

2010/11

4500

4000

3500

3000

2500

2000

1500

1000

500

0
Oc to b e r

No v e m b er

Including olive-pomace oils

Source: Global Trade International

De c e m b er

J a n u a ry

Fe b ru a ry

M a rc h

Ap ri l

M ay

J une

J uly

Au g u s t

Se p te m b er

OLIVE OIL IMPORTS *

tonnes

1,000 t

2000/01 2011/12
30

RUSSIA
20

10

2000/ 01

2001/ 02

2002/ 03

2003/ 04

2004/ 05

2005/ 06

2006/ 07

2007/ 08

2008/ 09

2009/ 10

2010/ 11

2011/ 12( est . )

Monthly imports
2009/10 and 2010/11 crop years

tonnes
5000

2009/10

2010/11

4500

4000

3500

3000

2500

2000

1500

1000

500

0
Oc to b e r

No v e m b er

Including olive-pomace oils

Source: Global Trade International

De c e m b er

J a n u a ry

Fe b ru a ry

M a rc h

Ap ri l

M ay

J une

J uly

Au g u s t

Se p te m b er

OLIVE OIL IMPORTS *

tonnes

1,000 t

2000/01 2011/12
30

SOUTH KOREA

20

10

0
2000/ 01

2001/ 02

2002/ 03

2003/ 04

2004/ 05

2005/ 06

2006/ 07

2007/ 08

2008/ 09

2009/ 10

2010/ 11

Monthly imports
2009/10 and 2010/11 crop years

tonnes
2500

2009/10

2010/11

2000

1500

1000

500

0
Oc to b e r

No v e m b er

Including olive-pomace oils

Source: Global Trade International

De c e m b er

J a n u a ry

Fe b ru a ry

M a rc h

Ap ri l

M ay

J une

J uly

Au g u s t

Se p te m b er

2011/ 12( es t .)

Possible influence of currency aspects on international trade in olive oil

The balance for 2009/10, 2010/11 and 2011/12 crop year will not be approved until the November 2011 session.
The figures presented here are likely to change.

PROSPECTS 2011/12 TABLE OLIVES

(thousand tonnes)

TABLE OLIVES

2009/10*

2010/11*

2011/12*

Starting stocks
Production
Imports

378.5
2368.0
628.5

483.5
2412.5
558.5

706.0
2604.5
613.5

Consumption

2199.0

2161.5

2338.5

Exports

693.0

587.0

758.5

Ending stocks

483.5

706.0

827

Stocks / Exports-Imports

+105.0/+64.5 +222.5 / +28.5 +121.0 / +125.0

* The balance for this crop year will not be approved until the November 2011 session. The figures presented here are likely to change.

TABLE OLIVE IMPORTS

WORLD TREND 1990/91 2011/12
1,000 t
700

600

500

400

300

200

100

0
IMPORTS

1990/91

1991/92

1992/93

1993/94

1994/95

1995/96

1996/97

1997/98

1998/9

1999/0

2000/1

2001/2

2002/3

2003/4

2004/5

2005/6

2006/7

2007/8

2008/9

2009/10

2010/11
(prov.)

2011/12(est.)

213

215

209,5

211,5

249

251,8

282,5

305,5

313

329,5

358

400

449,5

441

480

495

522

582,5

546

628,5

558,5

613,5

TABLE OLIVE IMPORTS

WORLD TREND 1990/91 2011/12
1,000 t

250

200

150

100

50

1990/91

1991/92

1992/93

1993/94

1994/95

1995/96

1996/97

1997/98

1998/9

1999/0

2000/1

2001/2

2002/3

2003/4

2004/5

2005/6

2006/7

2007/8

2008/9

2009/10

2010/11
(prov.)

41,5

41

32

34,5

59

50

57

47

51,5

54

56,5

58

73

70,5

79

83,5

104,5

115

96,5

101

94,9

97,5

USA+CANADA

80

89

88

84,5

85,5

86

94

106

113,5

111,5

131,5

135

138,5

141

148

145

174

166

152

212,5

161,5

193

BRAZIL

40,5

28

37,5

33,5

46,5

45,8

47

48,5

47

50

45

50

46

51

56

55

60,5

74

69

79

80

85

RUSSIA

2,5

2,5

2,5

3,5

3,5

3,5

4,5

45

45

70

80

90

67

70

85

OTHERS

48

55

49,5

56,5

56

67

82

101

97,5

110,5

121,5

153

188

174

152

166,5

113

147,5

138,5

169

152,1

153

EU/27

2011/12(est.)

TABLE OLIVE IMPORTS

tonnes
1,000 t
200

1990/91 2011/12

180
160

USA

140
120
100
80
60
40
20
0
1990/ 91

1992/ 93

1994/ 95

1996/ 97

1998/ 9

2000/ 1

2002/ 3

2004/ 5

2006/ 7

2008/ 09

2010/ 11

(est.)

Monthly imports
2009/10 and 2010/11 crop years

tonnes
25 ,00 0
2009 /1 0

20 10/11

20 ,00 0

15 ,00 0

10 ,00 0

5 ,00 0

0
Oc tob er

Nov ember

Dece mber

Januar y

Fe bruar y

Mar ch

Apr il

May

Ju ne

Ju ly

A ugus t

Sep te mber

TABLE OLIVE IMPORTS

tonnes

1,000 t

1990/91 2011/12

90

80

BRAZIL

70

60

50

40

30

20

10

0
1990/ 91

1992/ 93

1994/ 95

1996/ 97

1998/ 9

2000/ 1

2002/ 3

2004/ 5

2006/ 7

2008/ 09

2010/ 11(pr ov . )

(est.)

Monthly imports
2009/10 and 20101/11 crop years

tonnes
10,000
2009/ 10

2010/ 11

9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000

1,000
0
October

November

December

January

February

March

April

May

June

July

August

September

TABLE OLIVE IMPORTS

tonnes

1,000 t

30

1990/91 2011/12

25

CANADA

20

15

10

0
1990/ 91

1992/ 93

199 4/ 95

1996/ 97

1998/ 9

2000/ 1

200 2/ 3

2004/ 5

2 006/ 7

2008/ 09

2010 / 11

(est.)

Monthly imports
2009/10 and 2010/11 crop years

tonnes

4000

2009/10

2010/11

3500

3000

2500

2000

1500

1000

500

0
Oct ober

Novem ber

Decem ber

January

F ebruary

M arch

A pril

M ay

June

July

A ugust

Sept em ber

TABLE OLIVE IMPORTS

25

1,000 t

1990/91 2011/12
20

AUSTRALIA
15

10

0
1990/ 91

1992/ 93

1994/ 95

1996/ 97

1998/ 9

200 0/ 1

2002/ 3

200 4/ 5

2006/ 7

2008/ 09

2010/ 11

(est.)

Monthly imports
2009/10 and 2010/11 crop years

tonnes
2500
2009/10

2010/11

2000

1500

1000

500

0
Octo ber

No vembe r

D ecember

Janu ary

F ebruary

Ma rc h

April

M ay

Jun e

July

Aug ust

Septemb er

TABLE OLIVE IMPORTS

tonnes

2000/01 2011/12

100

1,000 t

RUSSIA

50

0
2000/ 1

2001/ 2

2002/ 3

2003/ 4

2004/ 5

2005/ 6

2006/ 7

2007/ 8

2008/ 09

2009/ 10

2010/ 11

2011/ 12

(est.)

Monthly imports
2009/10 and 2010/11 crop years

tonnes
12000
2009/10

2010/11

10000

8000

6000

4000

2000

0
Oct o ber

Novem ber

Decem ber

January

F ebruary

M arch

April

M ay

June

July

August

Sept ember

TABLE OLIVE IMPORTS

120

EXTRA-EU
100

80

60

40

20

0
2000/1

2001/2

2002/3

2003/4

2004/5

2005/6

2006/7

2007/8

2008/09

2009/10

2010/11

2011/12(est.)

15000
2009/10

13000

2010/11

11000

9000

7000

5000

3000

1000

-1000
Oct ober

No vember

Decem ber

January

F ebruary

M arch

A pri l

M ay

June

July

A ugust

S ept em ber

IMPORTS INTRA-EU

Monthly imports
2009/10 and 2010/11 crop years
35000
2009/10

2010/11

30000

25000

20000

15000

10000

5000

0
Oc to ber

No vem ber

Dec ember

J anuary

February

M arc h

A pril

M ay

J une

J uly

A ugus t

S ept ember

HARMONISED SYSTEM
CUSTOMS

IOC PROPOSAL
VIRGIN OLIVE OILS

150910

150910 EXTRA VIRGIN OLIVE OIL

150920 VIRGIN OLIVE OIL
150930 ORDINARY VIRGIN OLIVE OIL

OTHER VIRGIN OLIVE OILS NOT FIT FOR DIRECT CONSUMPTION (requiring refining)
150940 LAMPANTE VIRGIN OLIVE OIL
OLIVE OILS
150990

150980 REFINED OLIVE OIL

150990 OLIVE OIL
OLIVE POMACE OILS

151000

151010 REFINED OLIVE-POMACE OIL

151020 OLIVE POMACE OIL

G20 Agriculture decisions:

establishment of initiatives for better production and
market information
IOC
COUNTRIES
MEMBERS

IOC
PRIVATE
AREA

AMIS
SYSTEM

For more information visit:

http://www.internationaloliveoil.org