China has resumed imports of 4 major vegetable oils since the beginning of 2022/23 MY

According to Oil World (Germany), in July, China’s imports of 4 major vegetable oils were at a high level and amounted to 857 thsd tonnes against 579 thsd tonnes in July 2022.

In particular, the imports of palm oil increased to 563 thsd tonnes, up from 450 thsd tonnes a year earlier, of which 481 thsd tonnes were supplied from Indonesia and 81 thsd tonnes from Malaysia.

Also, the supply of sunflower oil to the Chinese market in July reached 130 thsd tonnes (in July 2022 – 7 thsd tonnes), of which 58 thsd tonnes – from Russia, 53 thsd tonnes – from Ukraine and 15 thsd tonnes – from Kazakhstan.

The imports of rapeseed oil almost doubled to 126 (67) thsd tonnes, including 96 thsd tonnes from Russia, 18 thsd tonnes from Belarus and 7 thsd tonnes from the UAE. It should be noted that the supply of Canadian rapeseed oil to Chinese ports has been virtually absent for the second month in a row.

Thus, the total imports of 4 key vegetable oils since the beginning of 2022/23 MY reached 8.8 mln tonnes, which is significantly higher than last year’s figure (5.07 mln tonnes in October-July of 2021/22 MY), but still lower than the result of the corresponding period of 2020/21 MY (10.40 mln tonnes).

In particular, imports of palm oil in October-July 2022/23 MY jumped to 5.46 mln tonnes against 3.48 mln tonnes in the same period of 2021/22 MY, rapeseed oil – to 1.65 (0.87) mln tonnes, sunflower oil – 1.38 (0.46) mln tonnes, and soybean oil – 341 (256) thsd tonnes.

Tags: rapeseed oil, China, sunflower oil, palm oil