India’s September palm oil imports fell over 33% m/m

India’s palm oil imports in September dropped over 33% from August, totaling 527,314 metric tons, according to the Solvent Extractors’ Association of India (SEA). Soyoil imports also fell by 15.4% to 384,382 tons, while sunflower oil imports decreased by 46.2% to 152,803 tons. Overall, total vegetable oil imports declined by more than 30% to 1.1 […]

The World Trade Organization adjusts its 2024 global trade growth forecast to 2.7%, citing gradual recovery despite risks from Middle East conflicts and diverging monetary policies. Projections for 2025 suggest a 3% growth if geopolitical tensions remain contained.

Officials from Commerce, Industry, and Finance ministries, along with shipping and industry stakeholders, are to meet on Friday to discuss critical tax issues in the maritime sector. This comes as exporters face high freight rates amid the West Asia conflict, impacting India’s exports which saw a significant decline recently.

Finance Minister Nirmala Sitharaman criticizes the EU’s Carbon Border Adjustment Mechanism (CBAM), calling it unilateral and arbitrary. CBAM, set to start in 2026, may harm India’s exports in key sectors like steel and cement. Despite this, talks on an FTA with the EU are expected to continue.

India’s pharmaceutical and meditech exports continue to grow despite global economic slowdown, with robust double-digit growth. Government-backed drug development initiatives have 16 blockbuster molecules in the pipeline for cancer, diabetes, HIV, and more. The industry is also expanding in imaging devices, body implants, and diagnostics.

The government has eased rules for exporting 36 items, including software and technology, from Indian parent companies to subsidiaries in 41 countries. This new policy for dual-use products covers various technologies and materials. The DGFT has updated the Handbook of Procedures 2023 with these changes taking immediate effect.

DGFT confirms that exporters do not need a Registration-cum-Membership Certificate to receive benefits under schemes such as duty drawback and remission of state levies. These include schemes like RoSCTL and RoDTEP. Import of exhibits for fairs will also follow specific norms, without needing import authorization or registration under Import Monitoring Systems, subject to compliance.

Malaysia remains a crucial palm oil supplier for India despite a recent 20% import duty hike by India. The demand persists due to India’s large population, and Malaysia offers support in oil palm cultivation. Malaysia also emphasizes a special relationship with India for food security, particularly for rice and onions.

Malaysia’s Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani considers India’s recent palm oil import duty hike as a temporary issue, emphasizing Malaysia’s continued partnership with India. Malaysia offers support for India’s palm oil cultivation, referencing the strong bilateral relationship and sustainable practices.

The 44th ASEAN summit and the 21st ASEAN-India summit will occur this week in Vientiane. The meetings will focus on connectivity and resilience. Indian Prime Minister will attend various summits, showcasing India’s active engagement with ASEAN. The summit aims to strengthen economic cooperation, digital collaboration, and overall partnership, impacting Indo-Pacific stability.