India's olive oil imports drop 10 percent in 2013-14

New Delhi, July 20 (IANS) India's olive oil imports declined by 10 percent to 10,718 tonnes in the financial year 2013-14 due to a sharp jump in prices in the global markets, according to data released by the industry association.

President of Indian Olive Association V.N. Dalmia said the imports of olive oil in India declined in the financial year ended March 31, 2014, after registering 66 percent jump in the previous two fiscals.

"The decline is mainly due to rise in olive oil prices. It has increased by almost 40 percent in the past two years. Prices have jumped due to a severe crop shortfall in Spain," Dalmia said in a statement.

He said a steep depreciation in the value of rupee also led to the decline in imports of olive oil.

Spain continued to be the biggest supplier of olive oil to India. Almost 63 percent of olive oil supply to India came from Spain in fiscal 2013-14, Italy is at the number two with 32 percent of total supply. Greece is the third biggest supplier but with just three percent of the total India's imports.

On imports trends in the current fiscal, Dalmia said it is expected to rise as normal crops in Spain and Italy would help ease the prices.