Guaranteed by a Malaysian company to increase sugar purchase from India to cool the dispute

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New Delhi, Jan 23, 2020 Thursday

Malaysia's top sugar refiners are confident of increasing sugar imports from India. The assurance is believed to be part of a ceasefire between India and Malaysia over the ongoing dispute over palm oil imports.

A Malaysian company has confirmed the import of 5,6 tonnes of raw sugar in the first quarter for $ 8 million. In the 5th, the company imported 5 tonnes of sugar from India.

This is confirmed by MSM, the sugar refining wing of FGV Holdings, the world's largest palm oil producer, local market sources said. However, the company did not give a reason for the increase.

However, sources familiar with the dialogue between the Indian government and company officials have claimed that the company is doing so to ease India's anger. India is trying to reduce the increased trade deficit with Malaysia.

The Prime Minister of Malaysia overruled the Indian government's anger by making a statement on the Kashmir issue and the government has almost halted the import of palm oil from Malaysia. India is the major buyer of palm oil.

Malaysia has warned that it will look to other markets to sell its palm oil, but it has been difficult to find other markets for Malaysia, considering that India has been the largest buyer of palm oil for the last five years, local sources said.

In the 5th, India purchased 1 lakh tonnes of palm oil from Malaysia. Malaysia's exports to India during the financial year ended March 1 stood at $ 1.8 billion, while imports stood at $ 1.8 billion.

Malaysia imported 2.5 lakh tonnes of sugar from India in the 5th. He buys more sugar from India than Brazil and Thailand.

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