Login ID:
Password:
Partner Login
Contact Us : 7066511911

Indonesia To Increase Imports From India Amid New Delhi-Malaysia Spat: Report

24 Jan 2020 5:52 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) -- Indonesia has agreed to immediately increase imports of Indian buffalo meat, sugar and auto parts after India boosted purchases of Indonesian palm oil amid a spat with rival supplier Malaysia, Reuters reported on Friday quoting Indian government sources with direct knowledge of the matter.

Indonesia and Malaysia account for 85% of the world’s palm oil output while India is the biggest buyer of edible oil. India has effectively halted imports of refined palm oil from Malaysia since early January, following a diplomatic spat.

Indonesia, the world’s biggest palm oil producer and exporter, is expected to be the biggest beneficiary of India’s row with Malaysia. Indonesian crude palm oil has sold at a premium to Malaysian oil since India this month placed curbs on imports of refined palm oil.

The trade ministers of India and Indonesia, which want to more than double their bilateral trade to $50 billion by 2025, met in Davos on Thursday and agreed to fast-forward trade between them, one of the informed sources said.

Indian-Indonesian trade was worth $21.2 billion in the last fiscal year that ended in March, $15.84 billion of which comprised Indian purchases.

Indonesian Trade Minister Agus Suparmanto will visit India next month to hold further talks on enhancing trade, according to one of the Indian government sources.


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Spot Castor Seed Prices - Feb 18
BMD CPO Ends Lower, Snaps 2-Day Gains
Balance Stock Of Oilseed Under PSS With NAFED As On 15...
NAFED Procures 713548.58 MTGroundnutInKharif-2019Se...
Long/Short Quantity Position In NCDEX Mustard Seed On 1...
more
Top 5 News
New Chana Gain In kar/Mah; Old Chana Weak At Selective ...
NYMEX NG Ups 6% On Colder Weather Forecast
Domestic Tur Weakens At Major Markets On Dull Buying, H...
2nd Adv Est: India's Pulses Production At 23.02 Million...
Spot Mentha Weakens On Sluggish Demand
Top 5 Special Reports
Chana Indore (Kabuli 42-44 Count Spot) - Bearish Price ...
Mumbai Lentil (Masoor) - Pullback Extends Further / Nex...
Kolkata Pea(Matar)-May Decline Further Towards Channel ...
USD/INR (Feb. 20) Neutral Stance: Prices Consolidati...
USD/INR (Feb. 20) Neutral Stance: Prices Consolidati...
Copyright © CC Commodity Info Services LLP. All rights reserved.