China Imports Record Amounts of Vegetable Oils and Fats in July

In July, Chinese traders purchased a record monthly volume of vegetable oils and fats since the beginning of 2022 – 721 thousand tons, which is more than 70%, higher than in June this year and about a third lower than in July 2021. According to analysts from the Hamburg analytical agency OilWorld (Germany) in their report, the largest increase in butter imports in the reporting period fell on the “palm tree” – up to 450 thousand tons – twice as high as the June estimate.

“China stepped up purchases of vegetable oils in July on the back of a rebound in domestic demand, as well as improved supply in the global market and lower prices,” the report says.

Experts also emphasize that in July there was an increase in the supply of sunflower oil from Ukraine to the maximum monthly level over the past 6 months – up to 11 thousand tons.

According to OilWorld (Germany), last month the Asian market also received 55,000 tons of soybean oil and 67,000 tons of rapeseed oil.

Since the beginning of the year, imports of vegetable oils and fats have more than halved – from 8.18 million tons (January-July 2022) to 3.61 million tons: in particular, in 2022, palm oil imports were reduced to 1, 73 million tons (against 3.57 million tons in January-Mul 2021), rapeseed – up to 0.61 million tons (1.65 million tons), sunflower – up to 0.25 million tons (0.98 million tons) , soybean – up to 0.18 million tons (0.86 million tons), etc.

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