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Market Update: Spanish olive oil sector as of 30th of June 2013

some bottles of olive oil isolated on a white background

The Spanish Olive Oil Agency (AAO in its Spanish acronym) released yesterday the macroeconomic data driving the Spanish olive oil sector as of June 30th (9-months crop year):

The following is a recollection of the main figures included on the report: Olive oil produced during 2012/13 campaign amounts to 614.100 tons, a 62% decrease from the previous campaign. The volume of olives used to make olive oil was 3.338.144 tons, with an average performance of 18,36% (-2,7% from last season).

Imports of olive oil based on provisional data have been estimated at  88.800 tons. Commercial activity during the past 9-month period amounted to 795.600 tons, confirming a decrease of 26% against the previous campaign, and a 20% decline compared to the past 4-years average. Monthly exits reached 88.400 tons, representing a 63% of total olive oil traded in June and a 67% in the first 9-months of the 2013 crop year.

Making use of provisional export data available for June month-end, export figures of Spanish olive oil are calculated at 433.400 tons – 32% decrease compared to last year and 24% decrease against past 4-years average exports -. Average monthly exports in this period have been set at 48.160 tons per month. Internal demand also decreased 17% and 14% compared to previous season and past 4-years average respectively, totaling 362.200 tons and leaving the monthly average at a level of 40.240 tons.

Total olive oil stocks as of June 30th is 599.800 tons, 26% lower than the past 4-years average stocks by this time of the year. The stock is more than enough to cover the expected demand for the next 3 months, until the new campaign is collected, ensuring a smooth transition between the different crop years. Cooperatives hold 443.800 tons while the remaining 156.0000 tons are safe at the refineries and market operator.

Please feel free to contact us if you have any questions regarding Spanish olive oil market or to request our catalog of Spanish olive oils. Our team will be pleased to respond all your questions and address your product inquiries.

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