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Olive oil import up by 66% to nearly 12,000 tonne in FY13

NEW DELHI: Olive oil import rose by 66 per cent to 11,916 tonnes in 2012-13 despite rise in global prices, an industry body said on Tuesday. 

"India imported 11,916.76 tonnes in the year ending March 2013 as compared to 7,163.08 tonnes in March 2012, producing a never-before-seen increase of 66.36 per cent," 
Indian Olive Association said in a statement. 

"The 66 per cent growth rate comes despite a price increase of more than 40 per cent in the last year in producer countries. Prices remain on historical highs even today despite the expectation of a reasonable crop this year," the association said. 

An additional adverse factor is the steep depreciation of the rupee in recent weeks. "January 2013 saw an average rate of euro at Rs 71.60 whereas June 2013 saw an average rate of Rs 76, an increase of 6.15 per cent," it said. 

The association said that most Indian companies have been compelled to raise 
olive oil prices between 20-40 per cent since January 2013 either by increasing MRP or by reducing market offers and schemes. 

Spain and Italy continued to dominate 
Indian imports in fiscal year 2013 with Spain accounting for 59.18 per cent and Italy 31.26 per cent in total imports. Imports from Spain rose to 7,052.17 tonnes against 3,407.16 tonnes last year, while imports from Italy increased to 3,724.88 tonnes from 2,564.90 tonnes last year.