Brazil to Eliminate Tariffs on Olive and Sunflower Oil Imports from Europe

Brazil has announced the elimination of import duties on several products, including olive oil and sunflower oil, which is anticipated to boost European producers' market share in Brazil. The move follows a free trade agreement between Brazil and the European Union, the largest in the world, and a temporary pact with Chile that eliminates tariffs. In 2023, Brazil's olive oil consumption reached 96.8 thousand tons, with Portugal and Spain being its main suppliers. This decision is expected to further increase European export prospects to Brazil.

European producers and exporters welcome Brazil’s decision to abolish import duties on olive oil, sunflower oil and a number of other products. Previously, the share of European olive oil in the Brazilian market reached 9%, now analysts expect the figures to increase. In addition to olive oil, duties were reduced to zero on sunflower oil, pasta, rice, meat, coffee, sugar, biscuits, sardines and corn, Olive Oil Times reports. According to the International Olive Council (IOC), over the past five years, Brazil has consumed an average of 96.8 thousand tons of olive oil per year, compared to 23.7 thousand tons in the period from 2001 to 2005. The key exporters of olive oil from the Union to Brazil are Spain and Portugal. In 2023, 60% of Brazil’s olive oil imports came from Portugal and another 30% from Spain, which exported 11,300 tons of olive oil to Brazil in the first nine months of 2024. Italy is also a major olive oil exporter, shipping about 4,000 tons to Brazil in 2024, ...