Malaysian Palm Oil Association expects business will be as usual with India despite news that India is considering curbing imports of some Malaysian products. — Picture by Mukhriz Hazim
“If it materialises, India will have to source its palm oil for food from Indonesia and it would have to accept whatever price that Indonesia sets. Now, of course, it is selling palm oil at a cheaper price, but when they are the only market that India is sourcing from, they can hike the price and this is the implication that they have to seriously look at.
According to a source, Malaysia’s exports to India were worth US$10.8 billion in the fiscal year ended March 31, while imports totalled US$6.4 billion. Minister of Primary Industries Teresa Kok has said that the country is exploring the possibility of sourcing raw sugar from India starting next year to enhance bilateral trade with India.
“The IGST is possible .. now people prefer to buy refined oil so their refiners do not have enough business and this will affect our market.
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