Excellent arena for the World Olive Oil Exhibition

According to data from the International Olive Council, the olive oil global harvest for the season 2014/2015 is expected to be approximately 2.56 million tonnes, 19% less than the previous harvest. This result in a sales opportunity with greater added value at the 5^th World Olive Oil Exhibition, the first trade fair which will be held after the olive oil from the new harvest is out on the market.

Production data predicts a 50% drop in Spanish production, after last year’s record number of 1.7 million tonnes. A first ballpark estimate indicates a harvest of 875.000 tonnes, a quantity that was considered normal not that long ago. This setback will also have an effect on the Italian production, which might go from 450.000 tonnes to less than 200.000; and also on other countries such as Syria –due to the lack of rainfall– or Argentina, which suffered from severe frost.

On the contrary, after the disastrous last harvest, Greece will reach 300.000 tonnes, which means an increase of 122%. Tunisia estimates a harvest of 268.000 tonnes compared to last season’s 70.000 tonnes; and Turkey will once again have a harvest of approximately 190.000 tonnes. Portugal also expects a quantity similar to last year’s.

Given the situation, the olive oil companies have the opportunity of reaching agreements with international purchasers, who will be able to choose among a far wider international offer that –without no doubt– will result in better prices.

According to data from the IOC, the 2013/2014 season resulted in important olive oil purchase figures in two Asian countries such as Japan and South Korea. On the one hand, Japanese purchases increased by more than 4%, up to 56.218 tonnes, of which 47% (26.455 tonnes) corresponded to Spain. For the first time, Spanish sales have exceeded Italy, which maintains 44%.

On the other hand, South Korea has increased its olive oil purchases by 50%, up to 17.637 tonnes, of which 72% (12.737 tonnes) came from Spain, while Italy captured 24% with 4.209 tonnes. During the 2013/2014 season, other countries who also increased their purchases were Canada by 14%, Australia by 8% and the United States by 3%.