India’s palm and soybean oil imports reached their highest levels in a year in July, with palm oil imports rising 39% to 1.09 million metric tons, the highest since August 2023. This increase is expected to help reduce inventories in top producers Indonesia and Malaysia and support benchmark prices.
India’s July palm oil, soyoil imports surge on lower prices, dealers say
The Supreme Court requested responses on a plea by Rika Global Impex Ltd. challenging bans on exporting non-basmati white rice. The court will examine claims that notifying restrictions opposed public interest and breached Foreign Trade Policy. The petitioner seeks to annul the notifications and gain export approval for previously acquired rice stock.
Comprehensive Economic Partnership Agreement helped trade between UAE, India increase by 15%
1 year ago
Facilitated by the CEPA, he observed that the South Asian country’s gems and jewellery, pharmaceuticals and fruits and vegetables exports to UAE rose massively, recording a growth rate of 64 per cent, 39 per cent and 35 per cent respectively.
Vietnamese Prime Minister Pham Minh Chinh called for stronger economic cooperation with India, aiming for $20 billion in bilateral trade. Speaking in New Delhi, he highlighted opportunities in infrastructure, pharmaceuticals, and digital technology. Chinh invited Indian businesses to invest in Vietnam, focusing on strategic sectors and integrating Vietnamese companies into their supply chains.
The council was set up under the IPEF Supply Chain Resilience Agreement, which aims to help mitigate risks of economic disruptions from supply chain shocks, improve crisis coordination, and reduce the member countries’ dependence on China. The council aims to pursue targeted, action-oriented work to strengthen the supply chains for those sectors and goods most […]
Vietnamese Prime Minister Pham Minh Chinh called for exploring a free trade agreement with India during his visit to New Delhi. Speaking at the Vietnam-India Business Forum, he emphasized the goal of increasing bilateral trade to USD 20 billion and urged Indian businesses to invest more in Vietnam, particularly in strategic infrastructure areas.
India’s Ministry of Steel has asked the trade ministry to investigate cheaper steel imports from China and Vietnam amid rising imports. India turned net steel importer in FY23, with imports reaching a five-year high. The steel ministry is also discussing diversifying coking coal imports from Russia, Canada, and the U.S. to reduce reliance on Australia
India’s diesel and jet fuel exports to Singapore and Australia hit their highest levels in 2-1/2 years in July, fueled by waning European demand and cheaper shipping costs. Industry sources indicate that Australia’s increased imports were also due to planned refinery maintenance and new government mandates for refined product stockpiles.