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| Year | Import value, in thousand GBP |
|---|---|
| 2022 | 301,502 |
| 2021 | 166,960 |
| 2020 | 190,540 |
| 2019 | 186,443 |
| 2018 | 212,352 |
| 2017 | 229,873 |
| 2016 | 196,461 |
| 2015 | 178,296 |
| 2014 | 142,958 |
| 2013 | 153,631 |
| 2012 | 124,733 |
| 2011 | 158,956 |
| 2010 | 135,798 |
| 2009 | 135,988 |
| 2008 | 163,404 |
| 2007 | 133,526 |
| 2006 | 153,123 |
| 2005 | 114,183 |
| 2004 | 104,614 |
| 2003 | 79,920 |
- Region: United Kingdom
- Time period: 2003 to 2022
- Published: Oct 2023
Data Analysis and Insights
Record Import Value in 2022
The UK's import value of olive oil reached a record high in 2022, with an import value of £301,502 thousand. This represents the highest import value within the provided data range from 2003 to 2022, marking a significant increase compared to previous years.Sharp Increase in 2022 Compared to 2021
2022 saw an extraordinary increase in the import value of olive oil, jumping by £134,542 thousand from £166,960 thousand in 2021. This dramatic rise indicates a significant surge in either demand, cost, or both.Trend of Import Values Over the Years
Analyzing the data over the years, there has been a general upward trend in the import value of olive oil to the UK, with fluctuations. The import value increased from £79,920 thousand in 2003 to £301,502 thousand in 2022, despite occasional dips.Dip and Recovery Pattern
The UK's olive oil import value experienced a noticeable dip between 2017 and 2021, dropping from £229,873 thousand to £166,960 thousand. However, it then recovered dramatically in 2022, highlighting a potential volatility in the olive oil market.Lowest Import Value in 2003
The lowest recorded import value within the dataset occurred in 2003, at £79,920 thousand. Since then, the UK's import value of olive oil has consistently been on an upward trajectory, albeit with some yearly fluctuations.Decade Comparison: 2013 vs 2023
Comparing the import values a decade apart, there was a significant growth from £153,631 thousand in 2013 to an estimated increase beyond £301,502 thousand by 2022, projecting continuous growth into 2023. This comparison showcases the long-term growth trend in the UK's olive oil import market.Analysis of Yearly Fluctuations
Yearly fluctuations in the import value are evident, with significant increases and decreases observed throughout the years. For instance, after reaching £229,873 thousand in 2017, the import value decreased in the following years, only to surge again in 2022. These fluctuations may reflect changes in olive oil prices, exchange rates, or consumption patterns in the UK.Frequently Asked Questions
How drastic was the change in import value in recent years?
From 2013 to 2022, the import value grew substantially from £153,631 thousand to £301,502 thousand.
Terms and Definitions
Olive oil is a liquid fat obtained from olives, a traditional tree crop. The oil is produced by pressing whole olives and is commonly used in cooking, whether for frying or as a salad dressing. It's also used in cosmetics, pharmaceuticals, and soaps, and as a fuel for traditional lamps.
The trade balance is a measure of the difference between a country's imports and exports. If a country exports more than it imports, it has a trade surplus; if it imports more than it exports, it has a trade deficit. The balance can affect the value of a country's currency, impact jobs and incomes, and influence relations with trading partners.
The exchange rate represents how much of one currency is needed to purchase another. It's determined by various factors, including economic performance, interest rates, inflation, and geopolitical events. It can influence the cost of importing goods, including olive oil, and is an important factor in international trade.
Commodities are basic goods that can be interchangeably used with other goods of the same type. For example, olive oil is a commodity because it is fundamentally the same product, no matter where it is produced. Commodity prices, including those of olive oil, can be influenced by supply and demand dynamics, geopolitical events, and other factors.
Trade deficit is an economic situation in which a country's imports exceed its exports. This means the country spends more on foreign products than it earns from selling domestic goods abroad. It can influence the country's currency, economic policy, and relations with trade partners.
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