Shrinking global palm oil supplies bring India’s palm oil imports down; may boost prices, says SEA

The year-on-year import of vegetable oils in February 2024 is down by 13 %, whereas the overall imports of vegetable oils during the first four months of the oil year from November 2023 to February 2024 are down by 21%, said SEA in a statement.

India’s vegetable oils import fell 13% YoY to 9.75 lakh tonne. Solvent Extractors’ Association of India stated that edible oils and non-edible oils imports decreased. Palm oil availability declined due to diverting it for biodiesel production.

India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers to them.

Both leaders reaffirmed their commitment towards strengthening the bilateral comprehensive strategic partnership, a statement in New Delhi said. A Downing Street readout of the call noted that Sunak and Modi agreed on the importance of securing a “historic and comprehensive deal”.

“We reaffirmed our commitment to further strengthen the bilateral comprehensive strategic partnership and work for early conclusion of a mutually beneficial free trade agreement,” PM Modi said in a post on X on Tuesday.

India can suspend customs duty concessions on EFTA country goods if the European nation bloc fails to meet its USD 100 billion investment obligations. The agreement includes an investment promotion and cooperation chapter with a three-stage consultation procedure and an investment sub-committee. India will ensure a favourable investment climate.

Neighbouring Sri Lanka and Bangladesh are keen to start trading with India in rupee immediately. Countries from the Gulf are giving it a serious thought too. The mechanism is already in place in trade with Singapore, minister Piyush Goyal said.

The ambitious trade pact, signed between India and the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland and Liechtenstein, aims to expand trade across a range of areas including pharmaceuticals, manufacturing, new technologies and machinery. After the EEA (European Economic Area) agreement, this could become one of the most important trade agreements Norway has […]