India to import palm oil from Bangladesh
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India has issued about 70 licences for importing about five lakh tonnes of refined palm essential oil from three countries -- Bangladesh, Nepal and Indonesia, options said.
On January 8, the Indian government put curbs on imports of refined palm essential oil from Malaysia after remarks by Malaysian Primary Minister Mahathir Mohamad on India's Citizenship Amendment Act (CAA) and the Kashmir issue.
The remarks irked New Delhi, which made a decision to put palm oil on a list of restricted items, in what various believed was a retaliatory move.
India's Directorate Standard of Foreign Trade (DGFT) has issued about 60-70 import licences to import about five lakh tonnes of refined palm essential oil, sources explained, adding that the licences will get valid for 18 months.
During April-December period in today's financial 12 months, India imported about 23 lakh tonnes of refined palm oil, studies our New Delhi correspondent.
India may be the world's major importer of vegetable oils and buys nearly 15 million tonnes annually. Of the, palm essential oil comprises nine million tonnes as the staying six million tonnes contain soybean and sunflower essential oil.
Indonesia and Malaysia are the two countries which source palm oil.
Malaysia makes 19 million tonnes of palm oil in a good year, while Indonesia produces 43 million tonnes, as per trade data.
Officials said there is no shortage of refined palmolein or perhaps edible oils found in the country.
Source: https://www.thedailystar.net