Indonesia and Malaysia account for 85 per cent 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 in retaliation for Malaysia’s accusation that recent Indian policies discriminate against Muslims.Indonesia, the world’s biggest palm oil producer and exporter, is expected to be the biggest beneficiary of India’s row with Malaysia.
“This is a goal we agreed upon earlier, now the process accelerates,” said the Indian source. Both declined to be named as they were not authorised to talk to the media. Indian-Indonesian trade was worth US$21.2 billion in the last fiscal year that ended in March, US$15.84 billion of which comprised Indian purchases.
A spokeswoman for Indonesia’s trade ministry had no immediate comment. An Indian trade ministry spokeswoman did not immediately reply to a request for comment.
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