India, the world’s biggest buyer of edible oils, last month imposed curbs on refined palm oil imports and informally asked traders to stop buying from Malaysia, the world’s biggest producer and exporter of the commodity after Indonesia. India’s arch-enemy Pakistan, meanwhile, has pledged to buy more palm oil from Malaysia to help offset lost sales to India. Pakistan may have bought around 135,000 tonnes of Malaysian palm oil last month, a record high, India-based dealers who track such shipments told Reuters on condition of anonymity. India’s January imports of Malaysian palm oil may have plunged 80% from a year earlier to 40,400 tonnes, according to Refinitiv. India bought 4.4 million tonnes of Malaysian palm oil last year, according to the Malaysian Palm Oil Council.

Source: Pakistan Today February 06, 2020 13:52 UTC