China’s soyabean oil exports to India surge due to weak demand alongside an increase in domestic stocks

Chinese soyabean oil exports to India are surging due to a combination of weak domestic demand and robust imports of the commodity from South America and, more recently, the USA, according to a CEO Morning Brief report citing a Bloomberg article. According to customs data, China shipped a record 70,877 tonnes of soyabean oil in October, the bulk of it to India. Exports in the first 10 months of this year reached 329,000 tonnes, almost triple the volume for the full previous year. High volumes of soyabeans imports from South America alongside a stagnating local economy were forcing Chinese soyabean oil processors to seek new markets, the 25 November report said. Increased trade between China and India made logistical sense, Aashish Acharya, a vice president at Patanjali Foods, one of the country’s top vegetable oil buyers, was quoted as saying. “Quality is comparable with South American supplies, prices are competitive and Chinese exporters are seeking reliable buyers,” he said. At ...