SEA Grows Distrust on China for its Intention Behind Improved Imports of Castor Oil Seeds

SEA Grows Distrust on China for its Intention Behind Improved Imports of Castor Oil Seeds

Published On: 04-Nov-2020

 

India Export Data revealed that China purchases up to 2.5 lakh tonnes of Castor Oil seeds per year. Although, this fact sounds profitable for India. However, SEA or The Solvent Extractors Association of India has grown suspicious of China's inexplicable interest in purchasing castor oil seeds in such a high quantity. To the reader's surprise, economically, SEA has forecasted oppressive change in the industry due to such high export to China. 

In recent months, China has attained questionable sights from several countries, including the United States, India, and the United Kingdom. Not only this, but many countries comprising India have taken steps to slow down and pause trade-relations with China, given the current pandemic situation. 

Here's a fun fact: international import-export data states that India's revenue from the export of castor oil seeds progressed to 6 000 crores per annum. Yet, the Union Ministry's chief focus for commerce and industry right now is "not blindly trust China." According to a few reports, China is on a buying spree. Indian ministries, including SEAI President Atul Chaturvedi, have raised a request for interrogation against the largest exporter of castor oil seeds in India and China. 

Global import export data of China and its trade-relations with countries are no longer veiled. For example, in the past few years, China has not only grasped a high-quantity of castor oil seeds from India in exchange. It also increased the import of Steel from India - 30% to 70%, that's more than double! Furthermore, China is not only targeting India for its "import-spree," but also Australia. A high-end official Australian website also raised concerns behind China's intention for improved purchase of cobalt, food commodities, and iron ore. 

On the one hand, almost every country is going through a financial crisis, decreasing GDP, and potentially a great depression. Meanwhile, in 2020, China, the primary originator of CoronaVirus, also suspiciously boosted its GDP by 4.9%.

Conclusion

So, what do we learn from China's constantly growing import export data? Well! According to Cybex's research, China is reserving commodities for some unknown reason. It seems like the accused country has predicted unwelcoming situations in the future. Hence, it is preparing for a "crisis" that the entire world is unfamiliar with.