•      Sun Jun 23 2024

India opens import of palm oil after one year of suspension

Palm Oil image

BIRATNAGAR: The export of palm oil, which has been suspended for a year, has been reopened. The Foreign Trade Branch under the Ministry of Commerce and Industry of India has opened the import of palm oil and opened the export from Nepal.

In a statement issued on Wednesday, India said it had opened imports of palm oil. Imports opened by India after 13 months will remain for only six months. According to the department, the import has been opened only for upto December 31.

Bipin Kabra, an industrialist from Biratnagar, said that the industries producing palm oil were relieved when the export, which had been suspended for more than a year, was reopened. He said that even if India opens the import, it will take a few days to start exporting from Nepal.

According to businessmen, the export of palm oil will be smooth only after one month. Stating that the industries did not bring raw materials as India stopped importing, Kabra said that exports would be regular only after importing raw materials from Malaysia. Exports, which have been open for six months, will boost export trade, he said.

There are seven palm oil industries in Morang district alone and 20 palm oil exporting industries across the country.

These industries had been importing raw materials from Malaysia and Indonesia and making palm oil and exporting it to India. Industries cut production after India stopped imports.

The palm oil have remained a lucrative business to curb Nepal-India trade balance.