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 […]

Former US President Donald Trump, during a speech in Detroit, emphasized his commitment to imposing reciprocal taxes if re-elected. He cited India’s high tariffs on imports while praising Prime Minister Modi’s leadership and the US-India relationship. Trump also referenced previous discussions about Harley-Davidson’s challenges with India’s tariffs.

Indian Commerce and Industry Minister Piyush Goyal criticized the EU’s deforestation and CBAM regulations as unfair to Indian industries. He emphasized the need for mutual cooperation and highlighted India’s interest in a fast-tracked free trade agreement with the EU, focusing solely on trade issues. Goyal also expressed concerns over the EU’s safeguard measures on steel […]

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.

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.

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.