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

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, according to the UN Comtrade database.

All major olive oil exporters are expected to increase their market share in Brazil after the tariffs are lifted.

Brazil and other Mercosur countries have signed a free trade agreement with the European Union, in stark contrast to the U.S. tariff policy. If the agreement goes into effect, it would create the world’s largest free trade area, with potential benefits for producers on both sides of the Atlantic.

Earlier, a temporary free trade agreement between the European Union and Chile came into force, which also eliminates mutual trade tariffs between the countries.

Tags: Brazil, EU, palm oil, olive oil