India’s December palm oil imports hit 9-month low as buyers prefer soyoil: Report

India’s palm oil imports in December hit a nine-month low at 503,000 metric tons due to soaring prices, driving refiners to switch to cheaper soyoil. Soyoil imports rose to 420,000 metric tons, while sunflower oil imports decreased 22%. Total edible oil imports fell 25% to 1.19 million tons.

The government announced that individuals have no legal right to demand reasons for their suggestions or feedback not being included in the Foreign Trade Policy (FTP). Views may be considered, but reasons for rejection will not be disclosed, especially if it could harm trade relations, national security, or conflict with government policies.

The government announced that no individual has a legal right to demand reasons for their suggestions not being included in the Foreign Trade Policy. The Directorate General of Foreign Trade stated that the government may consult stakeholders but is not obligated to incorporate or explain the exclusion of their feedback.

India is progressing rapidly towards implementing the FTA with the EFTA bloc, aiming for enactment by late 2025. The agreement promises $100 billion investment over 15 years, creating 1 million jobs in India. Notable concessions include reduced duties on Swiss watches and chocolates. Ongoing FTA talks with the UK and EU are also in focus.

India’s textiles and apparel exports, including handicrafts, rose by 7% to USD 21.35 billion from April-October FY 2024-25, led by Ready Made Garments. Imports in the sector declined slightly by 1% in the same period. Cotton Textiles and Man-Made Textiles saw notable export increases.

President-elect Donald Trump has threatened tariffs on Indian imports, but India’s trade policy issue lies more in non-tariff barriers, specifically Quality Control Orders. These orders unpredictably restrict imports and harm local industries by monopolizing resources and fragmenting supply chains, ultimately hurting India’s economic productivity and job creation.

India is diversifying its export basket, focusing on products like banana, ghee, solar PV modules, and alcoholic beverages. The goal is to increase the global share of these products, targeting markets such as the US, EU, China, Japan, and more. Export revenues are expected to surge due to government incentives and global demand.

India aims to surpass $1 billion in organic product exports by next year, with significant growth in the last decade. The country is working on MRAs for delicate exports like fisheries. Tobacco exports are projected to grow 8% to over Rs 13,000 crore this year, maintaining controlled production.

The Export Inspection Council (EIC) is planning to expand India’s food testing infrastructure to boost exports. A detailed study on gap assessment is underway and will be completed in 2-3 months. EIC aims to adopt advanced technologies and is forming mutual recognition agreements with different countries. New laboratories are being set up in Ahmedabad, Faridabad, […]

India’s tobacco exports are set to grow by over 8 per cent and exceed Rs 13,000 crore this year. The Tobacco Board supports farmers through various measures to enhance income and production quality. India’s production is regulated to meet domestic and export demands, ensuring stability for the tobacco industry.