60 CULTIVAR ANALYSIS AND PROSPECTIVE STUDIES No. 35 Olive groves and olive oil (27% per year), having overtaken Greece. Turkey and Chile also recorded significant increases in their exports. As regards imports, Italy remains the world’s largest importer of olive oil, accounting for 24 per cent of the global volume, although it is the only one of the major importers to have seen a decrease in volume (-0.1 per cent). It should be noted that this country also has the highest consumption of olive oil in the world. The US is the second-largest importer of olive oil, accounting for over 19 per cent of the volume imported, with an average growth rate of 3.9 per cent per year. Spain ranks third, with 10 per cent of imports, standing out as the country that has seen the greatest increase in import volumes over the last 15 years (20 per cent per year). Portugal ranks sixth , with an average growth rate of 2.4 per cent per year. The EU–Mercosur agreement establishes a free trade area with Brazil, Argentina, Uruguay and Paraguay, facilitating access to a market of over 273 million consumers through the elimination of customs tariffs. For the EU, this elimination will be phased in over 15 years, whilst for the Mercosur countries it will be immediate. The agreement could benefit the olive oil sector by facilitating entry into markets where consumption is still low and by making the current temporary suspension of tariffs on olive oil exported to Brazil permanent. Furthermore, it provides for the protection of Geographical Indications, reinforcing the distinctiveness and added value of Portuguese olive oil. However, the agreement also presents challenges, such as the expansion of modern olive groves in Argentina and Uruguay, which could compete with European olive oils in both local and The US imports olive oil from various countries, with its main suppliers being Spain, Italy, Tunisia and Turkey. France, meanwhile, imports mainly from Spain and Italy. Portugal will need to focus on market diversification and enhancing the product’s value through its own brands and higher-quality olive oils. European markets. It may also intensify regional competition among European producers, particularly with Spain and Italy. Brazil, for its part, imports olive oil predominantly from Portugal (60 per cent of imports), Chile and Argentina. Portugal’s imports come mainly from Spain (90%), with small quantities sourced from other origins, notably producer countries in North Africa, Argentina, Chile and Italy. Exports from Portugal have been mainly destined for Spain (around 55% of the volume), Brazil (23%), Italy (13%), France (2%) and the US (2%). Although Portugal has made a notable effort to add value to the product through own-brand products and packaging (with a focus on markets such as Brazil), bulk exports continue to account for around 70% of total exports, particularly to Spain and Italy. As it is traded globally, olive oil is heavily exposed to international trade policies. For its part, the US, one of the main importers of European olive oil has recently imposed a 15% tariff on goods from the EU, including olive oil. This measure increases the cost of European olive oil for American consumers and may encourage its substitution with cheaper oils, although the premium extra virgin olive oil segment has shown greater resilience due to its nutritional and gastronomic value. The rise in the cost of European olive oil also favours the entry of olive oil from third countries. The future outlook for the international trade in Portuguese olive oil is generally positive, underpinned by growth in global demand and expansion into a growing number of markets. However, the sector faces significant challenges, such as its heavy reliance on Spain and the high proportion of bulk exports, which limit value creation. To strengthen its position, Portugal will need to focus on market diversification and on
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