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Current Affairs

India resumes buying Malaysian palm oil

Date: 15 November 2019 Tags: Miscellaneous

Issue

Refiners in India have resumed buying Malaysian palm oil after a gap of nearly a month as Kuala Lumpur has been offering a $5 per tonne discount over supplies from rival Indonesia.

 

Background

Indian refiners stopped purchases from Malaysia last month fearing India could raise import taxes or enforce other measures to curb imports after Kuala Lumpur criticised India for its actions in Kashmir.

 

Details

  • The resumption in purchases by India, the biggest buyer of Malaysian palm oil this year, could support Malaysian palm oil prices.

  • India's top vegetable oil trade body had told members to stop buying palm oil from Malaysia in a call aimed at helping New Delhi punish the country for criticising India over its policy towards Kashmir.

  • Indonesia is the world's biggest producer of palm oil, followed by Malaysia.

  • Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

  • India, the world's biggest importer of edible oils, also buys soya oil from Argentina and Brazil, and sunflower oil from Ukraine.

Other Major imports by India

  •  
  • Petroleum Oil

India gets its crude oil from the Middle-East, especially Saudi Arabia and Iraq.

  •  
  • Precious stones

Precious stones are imported particularly from African countries.

  •  
  • Electronics

More than half of the shipments of electronics come from China.

  •  
  • Heavy machinery

Industrial machines, engines, pumps are imported mainly from Japan and China.

  •  
  • Organic chemicals

Fertilizers are imported particularly from USA and Europe.

  •  
  • Plastics

Most of the imported plastics come from western countries.

  •  
  • Animal and vegetable oil

Malaysia and Indonesia are major exporters to India.

  •  
  • Iron and steel

Japan, China and South Korea export Iron and steel products to India.