Palm oil imports from Malaysia will fall to a nine-year low

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Mumbai, Ta. 27 January 2020, Monday

India's palm oil imports from Malaysia are expected to fall to a nine-year low in January. Traders in the country have almost stopped importing palm oil from Malaysia following the directive of the Indian government.

India is the largest importer of palm oil in the world. The decline in India's imports has led to the decline in prices of palm oil in Malaysia by three to five per cent, which was a three-year high in early January.

In the second week of January, the Indian government indirectly instructed importers of palm oil to stop imports from Malaysia. The move comes after the Malaysian government protested India's move to Kashmir.

Some traders were expecting that government trading firms would issue tenders and purchase refined palm oil for the public distribution system, but it has not been seen yet. None of the traders made any deals at Malaysia for the February import.

Government agencies have not even issued tenders for the purchase, local government sources said. India's palm oil imports from Malaysia are expected to be below the current 6.7 tonnes in the current month, which will be the lowest level since April 1, sources said. On January 3, an estimated 1.8 lakh tonnes of palm oil was imported.

February imports are expected to be less than 5 tonnes as most Indian traders are currently buying palm oil from Indonesia.

The palm oil currently coming from Malaysia is being looked at due to a previous agreement. India imported 7 lakh tonnes of palm oil from Malaysia in the 5th. Their monthly average is estimated to be around 1.5 lakh tonnes. Indonesia is charging a premium of $ 1 per tonne on Malaysian CPO prices, a local trader said. Apart from buying at this price, there will be no retail, he said.

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