| CHINA PALM OIL IMPORT INCREASED BY 41.8%, SURPASSING RECORD HIGH IN 2019 |
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by Desmond Ng
Regional Manager, China
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| The total import of three major vegetable oils in Dec 2019 was at 937,500 MT, an increase of 20.7% as compared to last year. Among these oils, palm oil import was at 723,200 MT, increased by 23.7% or 138,600 MT as compared to same period last year. This comprised 267,600 MT from Malaysia and 455,100 MT from Indonesia, where palm oil from Malaysia marginally decreased by 3.1% or 8,700 MT as compared to last year. Due to higher growth in Indonesia palm oil import, the year-to-date (end December) market share of Malaysia PO slipped from 33.3% held last year to only 30.3%. Nevertheless, the slowdown in soybean crushing activities has led to higher import of palm oil in China in this year, where in Jan-Dec, China palm oil import reached 7.55 million MT, significantly increased by 2.23 million MT or 41.8% as compared to 2018. In December 2019, soybean oil (SBO) import was at 64,400 MT increased by 18.6% or 10,100 MT as compared to the same period last year. Rapeseed oil (RSO) import in Dec was at 149,900 MT, increased by 8.8% or 12,100 as compared to one year ago |
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