World Olive Oil Prices Down, Crop Estimates Up
In its latest market commentary the International Olive Council reports that olive oil prices are continuing to fall.
Compared with the same time last year the prices for extra virgin olive oil were 14% lower in Spain, 22% lower in Italy and 30% lower in Greece.
At current exchange rates the Jaen (Spain) price of €2.19/kg for extra virgin olive oil in November converts to AU$4.56/kg or AU$4.15/litre.
The prices for refined olive oil were also lower by 16% in Spain and 11% in Italy. The Jaen ex-refinery price is €2.19/kg, the same as the extra virgin price.
Estimates for the 2008/2009 suggest that 2.866 million tonnes of olive oil will be produced, 202,000 tonnes more than last year.
Australian Import Prices Rise
According to the Australian Bureau of Statistics data, packaged virgin olive oil import prices increased by 9% from November 2007 to November 2008 to AU$5.54kg or $5.04/litre. Bulk prices rose by 33% to 5.87/kg ($5.34/litre).
Packaged refined olive oils rose 21% to $5.61/kg ($5.11/litre), with bulk refined oils rising by 20% to $4.91/kg (4.47/litre).
This substantial rise in prices cannot be attributed to currency exchange rates as the value of the Australian dollar in comparison to the Euro in November 2007 was the same as November 2008 at 0.60 Euro to the dollar.