China is acquiring taste for Olive Oil, although the consumption of olive oil accounts only for 1% of China’s total cooking oil consumption, the importation increased 5,8% in 2013 from the previous year.
The consumption trend of Olive Oil for the next years will continue to grow, the cause behind it is the increase of middle class in China as explained by the professor Zhang Yuxin “From a long-term perspective, rising per capita income, an increase in the number of middle-class people and growing demand for more sophisticated food will continue to increase in China”.
Source: China Daily
This season Portugal had the biggest harvest of Olive in 50 years. The production was 627 thousands of tonnes, which is 4 times more compared with 14 years ago. However this big production could put some pressure on the olive oil prices this year.
In agreement with INE (Portuguese Institute of Statistics), the exportation of Portuguese Olive Oil has increased 40% on the first 8 months of 2012, compared with the same period of the last year.
This good result is in great part due the increase of sales to Brazil. The sales to this country has grown up 28,6% on the first 8 months of 2012.
Portugal has 3 Brands of Olive Oil on the World’s 50 Best Olive Oils, calculated from the results of the currently 18 major international extra virgin olive oil competitions. See the official News
In agreement to data from INE ( Portuguese National Institute of Statistics) the Production of Olive Oil in 2011 increased 23% compared to 2010 and the exportation increased 30% for the same period.