Financial Daily from THE HINDU group of publications
Monday, Mar 20, 2006
Financial Daily from THE HINDU group of publications Monday, Mar 20, 2006 |
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Agri-Biz & Commodities
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Oilseeds & Edible Oil Malaysia seeks duty cut on palm oil Latha Venkatraman
Duty regime Customs duty on refined palm oil is 90 per cent Crude palm oil attracts 80 per cent duty Duty imposed on soyabean oil imports is 40 per cent
Mumbai , March 19 Indonesia has overtaken Malaysia in palm oil imports of India. Malaysian palm oil exporting industry is facing competition on two fronts - Indonesia and soyabean oil. In 1999, 70 per cent of India's imports of palm oil came from Malaysia and 30 per cent from Indonesia. In 2002, Malaysia's share of India's imports fell to 48 per cent while that of Indonesia's moved up to 52 per cent. In 2005, Malaysia's share fell further to 22 per cent while that of Indonesia rose to 78 per cent.
Datuk Peter Chin Fah Kui, Malaysian Minister of Plantation Industries and Commodities, partly blamed the high customs duty on imports of palm oil imposed by India for the sustained fall in imports from Malaysia. While refined palm oil attracted customs duty of 90 per cent, crude palm oil has a customs duty of 80 per cent. In comparison, customs duty on imports of soyabean oil was 40 per cent. Malaysia exports refined palm oil, while Indonesia crude palm oil to India. A delegation led by the Malaysian Minister and officials of Malaysian Palm Oil Promotion Council (MPOPC) was in India to promote trade of palm oil between the two countries. It sought the meeting with Government officials to seek narrowing of customs duty between palm oil and soyabean oil. The delegation also held discussions with the Indian Government over co-operation in the area of research in bio-fuels. "The Indian minister was very supportive but no specific projects have been lined up so far," Datuk Peter Chin Fah Kui said. Malaysia's land under palm cultivation stands at 4 million hectares, growing at 5 per cent; yielding 15 million tonnes of palm oil. While Malaysia has a land constraint, Indonesia, an aggressive player in palm oil, would be able to bring more land under palm cultivation, a member of the Malaysian minister's team said.
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