India's top vegetable oil trade body on Monday asked its members to stop bu...
NEW DELHI - India’s top vegetable oil trade body on Monday asked its members to stop buying palm oil from Malaysia, an unprecedented call aimed at helping New Delhi punish the country for criticizing India over its policy toward Kashmir.
India was Malaysia’s third-largest export destination in 2018 for palm oil and palm-based products worth 6.84 billion ringgit . Vegetable oil contributed 2.8% of Malaysia’s gross domestic product last year and 4.5% to total exports. “It would be in fitness of things, as responsible Indian vegetable oil industry, we avoid purchasing of palm oil from Malaysia till such time clarity on the way forward emerges from Indian government.”
“After the Reuters story, many importers stopped buying Malaysian palm oil,” said a Mumbai-based dealer with a global trading firm, requesting anonymity as he was not authorized to talk to media.
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