India giving up on palm oil in favor of soybean and sunflower oil
India suspended 39 import licenses for more than 452 KMT of refined palm oil due to growth in duty-free purchases from Nepal (+314% year-on-year) and Bangladesh (+500%) under the South Asian Free Trade Area (SAFTA).
The restriction will give support to domestic crushers and oilseed growers in India.
The impact on the world market: a shift in India’s demand towards soybean and sunflower oils, pressure on Malaysian palm oil futures.
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