The imports of olive oil rose by 66.36% and stood at 11,916.76 tonnes in 2012-13 compared to 7,163.08 tonnes in March 2012, as per report compiled by Indian Olive Association. The imports surged despite price rise of more than 40% in producer countries. Despite the expectation of a reasonable crop this year prices remain on historical highs even today.
Besides, an additional adverse factor to the above 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%. Since January 2013, most Indian companies have been compelled to raise olive oil prices between 20-40% either by increasing MRP or by reducing market offers and schemes.
Indian imports in fiscal year 2013 were dominated by Spain and Italy with Spain accounting for 59.18% and Italy 31.26% 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.
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