India’s olive oil imports are expected to rise 20 per cent to 13,500 tonnes this fiscal on the back of rising demand in metros and tier II cities, a top Indian Olive Association official said.
The country had imported 11,106 tonnes of olive oils, 65 per cent of which is sourced from Spain, in 2015-16 fiscal.
“Imports have been encouraging so far and we are hopeful the total imports during the year would rise by 20 per cent to 13,500 tonnes,” Indian Olive Association (IOA) President Rajneesh Bhasin told PTI.
The country has imported 3,062 tonnes of olive oils in the April-June period of the 2016-17 fiscal, which is 19 per cent higher than 2,583 tonnes in the year-ago period, he said, a similar growth is expected in the coming quarters.
During the last year, Bhasin said that the olive oil imports fell because of high global prices in view of poor crop in Spain, as well as hike in import duty of edible oils and weak Rupee against Euro, he said.India's olive oil imports are expected to rise 20% in 2016-17,