WASHINGTON: The United States is on pace to import a record-setting amount of olive oil this year, according to figures released today by the International Olive Council (IOC). For the first 11 months of the 2015/16 crop year, the U.S. imported 306,844 tons of olive oil and, for the first time, more of it was from Spain than Italy. In fact, according to the IOC, Spanish exports to the States were up 43 percent over last year. A strong harvest season, competitive pricing and aggressive promotional efforts are among other factors that led to the dominant results for the world’s largest olive oil producer.
The U.S. consumes more than 10 percent of the global olive oil supply with per capita consumption maintaining at around one liter per year. Another huge market where Spain is the dominant supplier is China, which imported 11 percent more olive oil than during the same period year before. More than three-fourths of Chinese olive oil imports were virgin grade. After a period of falling imports, Australia brought in 11 percent more olive oil from abroad than the year before but Brazil, which has been seen as a fast-growing New World market, posted a decline of 4 percent for the 11-month period.
