The Spanish Olive Oil Agency (in Spanish, Agencia para el Aceite de Oliva) released yesterday the macroeconomic data of the Spanish olive oil sector as per July 31st (10-months crop year):
The following is a recollection of the main figures included in the report:
Olive oil produced during 2012/13 campaign amounted to 614.700 tons, a 62% decrease from the rates achieved in the previous campaign. The volume of olives used to extract olive oil was 3.339.301 tons, with an average performance of 18,36% (-2,7% from last season). Imports of olive oil are based on provisional data for July and are estimated at 103.300 tons.
Commercial activity during the past 10-month period amounted to 918.000 tons, confirming a decrease of 24% against previous campaign, and a 18% decline compared to the past 4-years average. Monthly exits reached 91.800 tons, with packed olive oil representing a 55% of total olive oil traded in July and a 65% in the first 10-months of the 2013 crop year.
Making use of provisional export data available as per July month-end, Spanish olive oil exports are calculated at 504.400 tons – 30% decrease compared to last year and 22% decrease against past 4-years average exports -. Average monthly exports in this period have been set at 50.440 tons. Internal demand also decreased 14% and 11,5% compared to previous season and past 4-years average respectively, totaling 413.600 tons and drawing an average demand of 41.360 tons per month.
Total olive oil stocks as of June 30th is 492.500 tons, 28% lower than the past 4-years average stocks by this time of the year. Important to note that Spanish current stock is more than enough to cover the expected demand for the next 2 months, until the new campaign is collected, ensuring a smooth transition between the different crop years without supply interruptions. Cooperatives hold 359.200 tons while the remaining 133.300 tons are located at refineries and market operators.
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