Customs Sets New Import Values for Branded Olives

The Directorate General of Customs Valuation has issued new customs values for the import of branded olives, updating rates after more than four years.

The revised values apply to major international brands including Borges, Figaro, American, Garden, Mundial, Fragata, Del Monte, Italia, and Wadi.

The move aims to ensure accurate duty assessment and align import values with current market trends. The new rates have been issued through Valuation Ruling No. 2045 of 2026, replacing the earlier ruling issued in 2022.

Authorities said the revision was necessary as the previous valuation had become outdated and no longer reflected prevailing international prices.

During consultations, importers argued that their declared values were consistent with recent trends and did not indicate under invoicing.

They also recommended that valuation should be done on a brand wise basis rather than origin wise, given that pricing varies with quality, brand positioning, and seasonal factors.

Customs authorities reviewed 90 days of import data along with documentary evidence provided by stakeholders. Market surveys and international price trends were also examined, along with seasonal crop patterns affecting olive prices.

Based on the analysis, a brand wise valuation framework has been developed, incorporating quality and supplier level data to ensure a more transparent and objective pricing mechanism.

The Directorate stated that the revised values have been determined in line with legal provisions and reflect international market dynamics, ensuring fairness and transparency in duty assessment.