Mahathir , India and Palm Oil

Malaysia Chronicle:

MAHATHIR’S ‘I DON’T KNOW & I DON’T CARE WHAT THE HELL I’M DOING’ ATTITUDE WILL BE THE DEATH OF THE RINGGIT: SO LONG AS DR M CONTINUES TO COOK ‘CHAPPATI’ FOR ZAKIR NAIK, TERESA KOK MIGHT AS WELL QUIT PALM OIL – INDIA RAISES IMPORT TARIFFS, DEALING A MAJOR BLOW TO MALAYSIA’S ECONOMY

Terim Kasih Dr Mahathir, Zakir Naik – India Naikkan Cukai Impot Minyak Kelapa Sawit. Hooray.

Did you know that the USD : RM exchange rate is now at RM4.21 ? 

Congratulations Dr Mahathir. Your “I dont care what the hell I am doing” attitude will see the currency hitting RM4.30 to the Dollar soon.





The sudden swings in the USD / MYR exchange rate do not frighten me as much.
Sudden swings could be due to situational factors.

But this slow and steady but sure falling of the Ringgit against the USD is very worrying.

It was RM4.08, then RM4.12 then RM4.17 and now it has hit RM4.21 to the USD.

This slow but certain fall in the Ringgit is evidence that the fundamentals in the economy are not good.

(One of them is the government lying about our economics statistics.)

Anyway here is some news from India. The Indians are going to increase the import tax on vegetable oils by an extra 5%.



India to impose extra 5% tax on vegetable oil imports within weeks 

India world’s biggest importer of vegetable oils
buying US$10b worth a year (RM 42.1 BILLION)

Palm oil accounts for 2/3 (67%) of India’s vegetable oil imports.

Reuters

India’s consumption of palm oil trebled over 20 years
as population grew and incomes rose
government plans 5% surcharge

India currently imposes 40% import tax on crude palm oil and 50% on refined palm oils

But refined palm oils from M’sia taxed at 45%
under agreement with Malaysia surge in refined palm imports (from Msia) in first 7 months of 2019

45% taxes remain but subject to 5% surcharge in addition (OSTB : Meaning back to 50% tax).

India buys palm oils from Indonesia and Malaysia

India’s overall vegetable oil imports rose 4.6% to 11.3m imports in July surged 26% to 1.41m tonnes, highest since May 2013

India’s edible oil imports to rise 7.3% in 2019/20

Indian push . . will hit its main suppliers



Above : YB Theresa Kok wearing her saree during her recent trip to India to sell palm oil and wearing her pyjamas (below) did not stop India from imposing a 5% tax on vegetable oil imports.

My comments : Every year India imports about RM42.1 BILLION worth of vegetable oils of which PALM OIL makes up 67% or RM28.2 BILLION.

India sends RM28.2 BILLION to the Malaysian and Indonesian plantation economies.

Malaysia was given a slight reprieve when Narendra Modi’s “unjust and murderous government” reduced the import tax for Malaysian palm oil from 50% down to 45%.

Now the Indians are going to put back a 5% import duty which will take their tax on M’sian palm oil back to 50%.

This will certainly hit Malaysian exports of palm oil to India.

Dr Mahathir, after palm oil prices crashed, Felda is in deep shit.

Tabung Haji Plantations is in deep shit.

Sime Darby is selling their oil palm plantation lands by the thousands of acres.

Now the Indians have increased import duties by 5%.

So please accept my congratulations. And do share this information when you are making chappati for Zakir Naik.

You really did it ‘Maaaaaayy Waaaaaaayy’.