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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