Ecuador: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Ecuador

The Ecuadorian refined olive oil market contracted to $X in 2022, declining by -10.6% against the previous year. Over the period under review, consumption recorded a deep contraction. Refined olive oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Ecuador

In value terms, refined olive oil production fell rapidly to $X in 2022 estimated in export price. In general, production saw a abrupt setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by 65% against the previous year. Refined olive oil production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports from Ecuador

In 2022, overseas shipments of refined olive oil decreased by -22% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 985% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined olive oil exports contracted remarkably to $X in 2022. Over the period under review, exports, however, saw resilient growth. The pace of growth was the most pronounced in 2014 when exports increased by 1,243%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for refined olive oil exports from Ecuador, with a 97% share of total exports. It was followed by Chile (X kg), with a 1.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +19.2%.

In value terms, the United States ($X) remains the key foreign market for refined olive oil exports from Ecuador, comprising 94% of total exports. The second position in the ranking was held by Chile ($X), with a 2.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +14.5%.

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, growing by 4.2% against the previous year. Over the period under review, the export price enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2013 an increase of 103%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+2.9%), while the prices for the other major destinations experienced a decline.

Refined Olive Oil Imports

Imports into Ecuador

In 2022, the amount of refined olive oil imported into Ecuador expanded sharply to X tons, increasing by 5.5% compared with 2021. In general, imports saw significant growth. The pace of growth was the most pronounced in 2013 with an increase of 288%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, refined olive oil imports fell to $X in 2022. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 270%. Over the period under review, imports hit record highs at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest refined olive oil supplier to Ecuador, accounting for a 68% share of total imports. Moreover, refined olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Peru (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+17.0% per year) and Peru (+37.2% per year).

In value terms, Spain ($X), Italy ($X) and Peru ($X) constituted the largest refined olive oil suppliers to Ecuador, together accounting for 98% of total imports.

Peru, with a CAGR of +34.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, with a decrease of -12.1% against the previous year. In general, the import price showed a noticeable decrease. The pace of growth was the most pronounced in 2021 an increase of 30%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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