China Palm Oil Imports Dropped to Its Lowest Since June 2016
by Desmond Ng
In June 2017, total import of three major vegetable oils was at 434,365 MT, which was an increase of 48.88% from last year’s volume. Among these, import volume of palm oil was 217,306 MT, decreased by 8.54% or 20,279 MT as compared to the same period last year, which is the lowest since June 2016. Data from China Customs showed that in June 2017 China imported 94,464 MT of palm oil from Malaysia, 122,618 MT from Indonesia. In this particular month, Malaysia and Indonesia occupied 43.47% and 56.43% of the market share respectively. Rapeseed oil import increased sharply by 593.49% or 65,153 MT as compared to one year ago; and soybean oil import was 140,929 MT in June, increased by 97,741 MT or 226.32% as compared to last year, which means palm oil suppliers will face stiffer competition as the import of soybean oil and rapeseed oil surge in China of June 2017.
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