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India may import 2.5 MT palm oil from Malaysia

31 Jul 2019 Evaluate

Malaysian Palm Oil Council CEO Kalyana Sundram has said that India may import 2.5 million tonne (MT) palm oil from Malaysia following its 5% preferential duty on the edible oil. In 2018, India had imported 2.18 MT from Malaysia. This year due to 5% preferential duty on palm oil, the council is expecting it to go up to 2.5 MT. India consumes 20 MT of oils and fats and produces 10 MT, the rest are imported.

Besides, Malaysian Primary Industries Minister Teresa Kok has said that the total trade between Malaysia and India has increased by 2.2% to $15.56 billion in 2018 from $14.29 billion in 2017, which mainly comprised of palm oil, oils and gas, automobiles, chemicals, and finished goods. While, Malaysian foreign direct investment (FDI) in India from April 2000 to March 2019, stood at $932.19 million.

Kok said palm oil is one of the largest commodities traded for Malaysia, and India is a very important export destination. She also urged the private sectors of both the countries to explore areas for further cooperation and rejuvenate business linkages, in order to ensure continuous progress of the bilateral trade between the two countries.

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