India's palm oil import duty hike a 'temporary challenge', says ministry
KUALA LUMPUR: The tariff change in palm oil import duty by India is a "temporary challenge" for Malaysia's resilience and the competitiveness of its palm oil export, says the Plantation and Commodities Ministry.
"From experience, these tariff changes are usually temporary, and their impact on Malaysian palm oil... is only short-term," it said in a parliamentary written reply to Datuk Seri Hamzah Zainudin.
Hamzah wanted to know the government's short-, medium- and long-term strategic measures to address effects on the palm oil industry following India's 32% hike in import duty and the reduction in export levy rates by Indonesia.
Highlighting India's critical role as the world's largest palm oil importer, the ministry said that country's demand for palm oil will remain robust with a burgeoning population of 1.45 billion, ensuring continued market access for Malaysian products.
The ministry also clarified that India's import duty increase, termed effective import duty, has elevated rates for crude palm oil (CPO) from 5.5% to 27.5% and for processed palm oil from 13.75% to 35.75%.
"This includes the basic import duty plus additional taxes such as agriculture infrastructure development cess and social welfare cess.
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