Price of Italy's Refined Olive Oil Decreases to $6,539 per Ton in May 2023

Price of Italy

In May 2023, the price of refined olive oil in Italy dropped to $6,539 per ton, showing a decrease of 5.6% compared to the previous month. Over the past twelve months, the export price witnessed an average monthly growth rate of 2.7%. However, there were noticeable fluctuations throughout the analyzed period. The export price experienced the most significant growth in April 2023, with a month-to-month increase of 18%, reaching a peak of $6,928 per ton before declining in the following month. Different export markets displayed varied average prices. Canada and the Netherlands had the highest prices at $8,035 and $7,424 per ton, respectively, while Japan and the United States had the lowest average prices at $6,642 and $6,855 per ton, respectively. Germany saw the highest rate of price growth among major export destinations, with a 5.4% increase from May 2022 to May 2023. Other significant markets experienced more modest growth rates. In May 2023, Italy exported approximately 3.8K tons of refined olive oil, which represented an 8.6% increase compared to April 2023. However, overall exports continued to decline. The most significant growth was recorded in March 2023, with a 24% increase from the previous month. In terms of value, refined olive oil exports from Italy reached $25M in May 2023. Although there was a slight reduction in exports, the most rapid growth occurred in January 2023, with a 19% increase from the previous month. The United States, Spain, and the UK were the main destinations for refined olive oil exports from Italy, accounting for a combined 47% share of total exports. Spain experienced the highest rate of shipment growth among the major destinations, with a CAGR of +61.2% from May 2022 to May 2023. In terms of value, the United States remained the primary foreign market for Italian refined olive oil exports, comprising 25% of total exports. Spain and the UK followed with a 9.2% and 9.1% share, respectively. The United States witnessed a monthly average growth rate of -3.5%, while Spain and the UK had average monthly growth rates of +51.8% and -2.0%, respectively.

Source: IndexBox Market Intelligence Platform

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