China vegetable oil imports plunge in 2021/22 but forecast to recover in 2022/23

13.09.2022 07:03 "Agro Perspectiva" (Kyiv) — China’s COVID-related restrictions, slowing economic growth, .and higher global commodity prices have weakened the country’s demand for oilseed processing, protein meal, and vegetable oil consumption.

High global vegetable oil prices in 2021/22 were the key factor leading to a 40 percent decline in China vegetable oil imports. For 10 months (October-July) of the 2021/22 marketing year, China imports of major vegetable oils declined by over 5 million tons compared to the same period last year. The biggest cuts have been estimated for palm oil (2.0 million tons), rapeseed oil (1.2 million tons), and sunflowerseed oil (1.1 million tons). Imports of soybean and peanut oil have also seen a significant decline in the 2021/22 marketing year.

China’s imports of sunflowerseed oil remain sluggish as Russia’s invasion of Ukraine significantly disrupted shipments. Consumers also cut back on purchasing items such as peanut oil that are typically priced much higher than other fats and oils, resulting in lower imports.

In the next marketing year (2022/23), vegetable oil imports and consumption are expected to recover. Although the growth in consumption year-over-year for 2022/23 seems drastic, the actual growth from 2020/21 is forecast at only 1.0 percent.

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