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Malaysia exported just 10,806 tons of palm oil to India in March which is 97% lower than last year and the lowest monthly total since the year 2000.
If India’s imports from Malaysia drop, about 2 million tons of Malaysian processed palm oil products worth $1.4 billion may need new buyers.
Commerce ministry issues notification restricting import of refined palm oil. Move is apparently directed at Malaysia due to its souring relationship with India.
Palm oil has soared more than 50% since middle of July on concerns about falling output & growing demand for biofuel, making shipments expensive.
India will shift some purchases to other edible oils this winter after palm’s surge of about 30% from last month’s low.
A technology drive is catapulting palm oil, the world’s most-consumed vegetable oil, as drones cut down dependence on manual labour for spotting fires and collecting important data.
Indonesian President Joko Widodo’s support for B30, a program that requires biofuels to be made using 30% palm oil from 2020, has been a 'game changer'.
The move, aimed at boosting domestic production, could reduce import of refined palm oil from top producers Indonesia and Malaysia
Malaysian Prime Minister Mahathir Mohamad had raised the Kashmir issue at the UNGA last month and saying India had invaded and occupied Jammu and Kashmir.
New Delhi: The trade spat between India, the world’s biggest palm buyer, and Malaysia seems to be escalating, with an influential processors’ group in Mumbai asking its members to refrain from buying the tropical oil from the second-largest producer. Malaysian Prime Minister Mahathir Mohamad last month told the United Nations that India “invaded and occupied” Kashmir. Since then, many Indian buyers of palm oil have started shifting to supplies from Indonesia amid concern that Prime Minister Narendra Modi will curb purchases of the vegetable oil from Malaysia. “The recent developments pertaining to strained relations between our nation and Malaysia have put a lot of responsibility on our industry in view of huge imports of palm oil” from the Southeast Asian country, the Solvent Extractors’ Association of India said in a statement on Monday. “In your own interest as well as a mark of solidarity with our nation, we should avoid purchases...
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