In China, according to the results of the 2021/22 marketing year, a serious reduction in vegetable oil imports is recorded – by about 40%. According to analysts from the United States Department of Agriculture (USDA), between October 2021 and July 2022, the volume of purchases of these products decreased by more than 5 million tons. The largest decline, according to experts, occurred in relation to palm (2 million tons), rapeseed (1.2 million tons) and sunflower oil (1.1 million tons). At the same time, imports of soybean and peanut oil in MY 2021/22 also decreased significantly.
In the US department, such a noticeable drop in imports is associated with restrictions due to COVID-19 in China, a slowdown in economic growth and high world commodity prices.
As for sunflower oil, the level of its purchases to China remained weak last season, as the conflict in Ukraine disrupted global food supply chains to the world market.
“It is expected that in the 2022/23 season, vegetable oil imports and consumption will recover,” the USDA said.
Recall that the main feature of the Chinese market of vegetable oils is a high dependence on imports. The key types of vegetable oils consumed in China are: soybean, palm, peanut, cottonseed, rapeseed, corn, sunflower, linseed and rice.