Ecuador: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Ecuador

In 2022, the Ecuadorian virgin olive oil market decreased by -18.2% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption, however, recorded resilient growth. Over the period under review, the market hit record highs at $X in 2021, and then contracted markedly in the following year.

Virgin Olive Oil Exports

Exports from Ecuador

In 2022, exports of virgin olive oil from Ecuador rose sharply to X kg, increasing by 5% on the year before. Overall, exports, however, saw a sharp downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 68% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports soared to $X in 2022. Over the period under review, exports, however, showed a significant decrease. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Philippines (X kg) was the main destination for virgin olive oil exports from Ecuador, with a 95% share of total exports. It was followed by Canada (X kg), with a 2.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines amounted to +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-9.3% per year) and the United States (-33.2% per year).

In value terms, the Philippines ($X) remains the key foreign market for virgin olive oil exports from Ecuador, comprising 82% of total exports. The second position in the ranking was held by the United States ($X), with a 4.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines amounted to +23.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-28.6% per year) and Canada (-2.7% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, with an increase of 22% against the previous year. In general, the export price showed a moderate increase. The pace of growth was the most pronounced in 2016 when the average export price increased by 170%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+32.4%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Ecuador

In 2022, after three years of growth, there was significant decline in supplies from abroad of virgin olive oil, when their volume decreased by -12.1% to X tons. Overall, imports, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2017 with an increase of 86%. Over the period under review, imports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, virgin olive oil imports dropped dramatically to $X in 2022. Over the period under review, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 110% against the previous year. Imports peaked at $X in 2021, and then shrank significantly in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of virgin olive oil to Ecuador, accounting for a 68% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was held by Argentina (X tons), with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+14.0% per year) and Argentina (+1.8% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Ecuador, comprising 70% of total imports. The second position in the ranking was held by Italy ($X), with a 17% share of total imports. It was followed by Argentina, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+17.3% per year) and Argentina (+1.5% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, with a decrease of -8% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 23%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+3.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :