Malaysia looking at barter deal with India on wheat, rice

The Malaysian Minister of Plantation Industries and Commodities, Mr Bernard Dompok, has hinted that his country was looking at options of importing wheat and rice from India in lieu of palm oil under a barter deal, which he said has immense potential.

Availing 55 per cent of its vegetable oil requirements through imports, India procured 1.82 million tonnes of palm oil products valued at $ 1.96 billion in 2011 from Malaysia, the country’s second largest supplier of palm oil. The imports are mostly in the form of refined, bleached and deodorised (RBD) palmolein.

Malaysia derives 30 per cent of its annual rice consumption of 2.5 million tonnes through imports from other countries. Besides, it also imports wheat in order to meet the demand of 1.5 million tonnes (mt), given the absence of domestic output.

Source : Exim News Service - New Delhi, June 21