Price of Preserved Olives in the United States Sees a Minor Drop to $3,787 per Ton Following Two Consecutive Months of Decline
U.S. Olives Import Price in June 2023
In June 2023, the olives price amounted to $3,787 per ton (CIF, US), which is down by -2.3% against the previous month. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in September 2022 an increase of 8.9% month-to-month. The import price peaked at $3,974 per ton in April 2023; however, from May 2023 to June 2023, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In June 2023, the country with the highest price was Italy ($5,789 per ton), while the price for Egypt ($2,204 per ton) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Portugal (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.
U.S. Olives Imports
In June 2023, preserved olive imports into the United States rose remarkably to 12K tons, increasing by 13% on the month before. Over the period under review, imports, however, continue to indicate a pronounced slump. The pace of growth was the most pronounced in March 2023 with an increase of 32% m-o-m.
In value terms, preserved olive imports expanded sharply to $45M (IndexBox estimates) in June 2023. Overall, imports, however, continue to indicate a mild slump. The most prominent rate of growth was recorded in March 2023 with an increase of 33% against the previous month.
U.S. Olives Imports by Country
Spain (4.4K tons), Greece (3.6K tons) and Italy (932 tons) were the main suppliers of preserved olive imports to the United States, together accounting for 74% of total imports. Egypt, Morocco, Turkey and Portugal lagged somewhat behind, together comprising a further 21%.
From June 2022 to June 2023, the biggest increases were in Egypt (with a CAGR of +7.7%), while purchases for the other leaders experienced mixed trend patterns.
In value terms, the largest preserved olive suppliers to the United States were Spain ($17M), Greece ($15M) and Italy ($5.4M), together comprising 82% of total imports. These countries were followed by Morocco, Egypt, Turkey and Portugal, which together accounted for a further 14%.
Egypt, with a CAGR of +6.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.
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