China imported a record amount of vegetable oils and fats in July

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

“China stepped up oil purchases in July amid a recovery in domestic demand, as well as an improvement in global supply and lower prices,” the report said.

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

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

Since the beginning of the year, the import of vegetable oils and fats has more than halved – from 8.18 million tons (January-July 2022) to 3.61 million tons: in particular, in 2022, the import of palm oil was reduced to 1.73 million tons (against 3.57 million tons in January 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.

Tags: palm oil, imports, edible oils, rapeseed oil, Ukraine, China, sunflower oil