European Union olive oil export volumes are on pace to reach a new record in the 2019-20 crop year, according to the Director General of Agriculture and Rural Development’s short-term market outlook report for autumn 2020.
From October 2019 through July 2020, exports grew significantly and are on pace to reach 820,000 tons. According to data from the International Olive Council, the previous record was achieved in the 201-/19 crop year, when the bloc exported 647,600 tons.
Export volumes increased to every single one of the EU’s main olive oil destinations, including a 32-percent increase in shipments to both Brazil and the United Kingdom (which formally left the EU on 31 January 2020), a 16-percent increase to the United States and three-percent increases to both Japan and China.
Combined, these five countries account for about 70 percent of all the olive oil exports from the 27-member trading bloc.
However, persistently low olive oil prices throughout the EU mean that the value of these exports did not match the volume. The value of olive oil exports to the United States fell by about three percent and dropped by 10 percent to both Japan and China in 2019-20.
Along with exports, olive oil imports could also reach a historic high, with the EU expected to bring in 240,000 tons in the 2019-20 crop year. The previous import record stood at 231,800 tons in the 200-/04 crop year. More