Oil World estimates that China significantly reduced imports of vegetable oils in May, further reducing import momentum in the current year.
In particular, the country imported 533.000 Tonnen Vegetable oils, which is 2,2 times lower than in May 2021. Among them, the most significant decrease was observed in the import of soybean oil - up to 9.000 tons compared to 130.000 tons a year earlier, sunflower oil to 16.000 tons, palm oil to 258.000 tons and rapeseed oil to 117.000 tons .
In just 5 months of this year, China has cut vegetable oil imports by 3,5 million tons per year (down 58%) to 2,47 million tons, down 47,3% per year since the start of the current marketing year (October-May). to 5,19 million tons.
This significant reduction in imports was observed against the background of a significant weakening of the consumption of vegetable oils in China in the current season by 1,8 million tons per year and an increase in its own production by 0,3-0,4 million tons.
In turn, the drop in consumption was due to record prices for vegetable oil on the world market, long quarantine restrictions in major Chinese cities due to the COVID-19 pandemic and the slowdown in economic activity in the country.