The olive oil import export business is a major industry in the U.S. and abroad. Most of the world’s olive oil comes from the Mediterranean and neighboring regions. If you’re considering going into the olive oil importing or exporting business, then first get very familiar with the product itself, the regions where it is produced, and its markets.
Also understand that not all olive oil is created equal. If you’re new to the trade and commerce business, then learn how to import / export first before you go any further.
Here’s how the olive oil import export process works. You’ll need to start by securing the proper licenses. In the U.S., you need a license from the Food and Drug Administration (fda.gov) so that you can import olive oil into the country.
Study the rules and regulations carefully because they dictate how the oil must be labeled when it comes into the country, etc. The United States Department of Agriculture (usda.gov) also has set standards for the quality and purity of olive, so read up on those as well.
Next it’s time to start looking for assistance importing the oil. A customs broker can make it easier because he or she can make sure you’re in compliance with the law.
After that’s lined up, get in touch with some suppliers in the Mediterranean area. It’s a good idea to line up suppliers in more than one country because the olive oil price depends on the year’s crop in the region. A poor crop in one area means prices will go up, so it’s better to have another region to fall back on so that you continue running a profitable business.
Alibaba.com is a great source for olive oil import / export companies. It’s easy to sort according to which part of the world you want to search for suppliers in. Greek olive oil is especially popular, although Turkey, Spain, Italy, and Morocco are also excellent markets to import olive oil from.
As you get the hang of importing olive oil into the U.S., you can also start looking at importing it into other countries. India is an especially good market for importing olive oil because the nation’s consumption is quite high.
One thing you must stay on top of when you get into the olive oil import / export business is the current import and export tax rates. These rates can change frequently, and if you fail to notice a rate change, you could end up losing money if you don’t adjust your pricing accordingly.
If you’re new to the trade and commerce business, then learn how to import / export first before you do go any further.