Greek Olive Oil Conquers The Far East

(Photo credit: avlxyz)

Greek olive oil exports are apparently increasing and are slowly becoming popular with Asians. In fact in the period 2010-2011 Greek olive oil exports to China increased by a whopping 54% -in volume and 38% in value-, following and explosive growth of Spanish exports and a stagnation of Italian.

The above data is based on Eurostat figures for 2011, as stated in the report of the Office for Economic and Commercial Affairs Embassy of Greece in Beijing.

According to the relevant report, the Chinese market is, at present, limited and olive oil is basically only available in larger cities. Also, given the huge population of China, Greek olive oil only has a very small share of the market, but nonetheless the possibilities are endless.

The only obstacle is the price. Greek olive oil is quite steep in China -both in absolute terms and compared to other oils- and generally consumed by Westerners who live there, and middle to upper class Chinese citizens. For instance, a liter of olive oil is apparently sold -on average- for 90-110 RMB (100RMB = 12 euros) when the corresponding amount soybean is 10-13 RMB.

But if exports increase, and the Chinese begin discovering the European cuisine, then there are endless possibilities for the Greek olive oil market in Asia by an emerging consumer group, that is more or less high income, and which has turned its interest in adopting a healthier diet.

Source: News247