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

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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.

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