Since then, many Indian buyers of palm oil have started shifting to supplies from Indonesia amid concern that Prime Minister Narendra Modi will curb purchases of the vegetable oil from Malaysia. “In your own interest as well as a mark of solidarity with our nation, we should avoid purchases from Malaysia for the time being." Any action by India to stop palm oil purchases will hit at the heart of Malaysia’s industry. Palm oil is the country’s biggest agricultural export, with India purchasing about 3.9 million tons between January and September, worth about $2 billion. “Though there is enough oil in the pipeline, some tightness in the palm oil market is expected due to the developments, which could benefit other vegetable oils."

Source: Mint October 21, 2019 13:07 UTC