India denies curbs on imports from Malaysia

By TMR / Pic By

INDIA’S Commerce Minister Piyush Goyal denied the country has imposed any curbs on imports from Malaysia.

“I don’t think we have put any curbs on imports from Malaysia or Turkey, neither are we contemplating it,” Bernama reported the Indian minister as saying during the Raisina Dialogue annual conference in New Delhi yesterday.

He said this in response to media reports, which cited unnamed sources that the Indian government was planning to curb imports from Malaysia and Turkey because of their stance on the Kashmir issue.

Malaysia enjoys a trade surplus with India, whereas Turkey has a trade deficit.

India has imposed restrictions on importing refined palm oil — a move which is likely to affect Malaysian exporters more than those from Indonesia, another major global palm oil exporter.

Goyal denied the measure was designed against Malaysia.

“Any curbs that we have put in apply to all countries uniformly,” he added.

Separately, Bernama also reported that India’s palm oil imports grew almost 11% in December compared to the previous month, but the country’s purchases from Malaysia saw a drop.

Malaysia’s share in India’s import of 741,490 tonnes of palm oil last month was 110,562 tonnes including 5,020 tonnes of refined oil and 3,000 tonnes of crude palm kernel oil, according to figures released by the trade group Solvent Extractors’ Association of India yesterday.

Malaysian palm oil exports to India in November totalled 183,914 tonnes, including 41,600 tonnes of RBD palm olein.

India imported about 1.12 million tonnes of vegetable oils in December.

The Indian Ministry of Commerce this month put refined palm oil products under the “restricted” category, requiring importers to apply for licences before placing orders.

The country largely imported RBD palm olein from Malaysia.