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

24 Jan 2020 5:52 pm
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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.


       
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