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New Delhi
June 3, 2020
KhabriBaba
Business

India resumes import of palm oil from Malaysia

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New Delhi: India has again started importing palm oil from Malaysia after almost four months of halt. It was banned after some diplomatic tension in India and Malaysia. India banned the import of oil from Malaysia in January. This was seen as being linked to Malaysia’s PM Mahatir Mohammed’s attack on India’s policies. Let me tell you that from the Kashmir issue to the Citizenship Act, the Government of India has been severely criticized.

Business relations between India and Malaysia have improved after the new government was elected in Malaysia. Last week, Malaysia had signed a record purchase of 1 lakh tonnes of rice from India. According to the news agency Reuters, after this, a major Indian exporter has signed an agreement with Malaysia to import 2 million tonnes of crude palm oil. This order will be sent in June and July.

According to the data, India’s total palm oil import in the first four months of 2020 decreased by more than 50 percent in proportion to the same period of 2019. India is the world’s largest edible oil importer. Malaysia is the second-largest palm oil exporter in the world and in recent times oil prices had reached a 10-month low.

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