Export of sunflower oil to China returns to previous volumes

Published 2023년 3월 22일

Tridge summary

A report by Chinese employees of the USDA Foreign Agricultural Service (FAS USDA) projects a rise in China's vegetable oil production for the 2023/24 season to 29 million tonnes, with soybean, rapeseed, and peanut production increasing. Soybean oil is expected to remain the dominant vegetable oil, accounting for 58.7% of total production. Vegetable oil consumption is projected to increase by 2% to 36 million tons, leading to vegetable oil imports of 11.27 million tons, with palm oil imports likely to hit a record 7.1 million tonnes due to lower prices and increased demand. Sunflower oil imports, mainly from Ukraine and Russia, are anticipated to reach 1.1 million tons in the 2022/23 and 2023/24 seasons, a significant increase from the previous season.

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Original content

Chinese employees of the USDA Foreign Agricultural Service (FAS USDA) published a report on oilseed markets. China's vegetable oil production for the 2023/24 season is projected at 29 million tonnes, up from 28.4 million tonnes in 2022/23, driven by increased soybean, rapeseed and peanut production. Soybean oil will remain the main domestic vegetable oil in China. In the 2023/24 season it is forecast to account for 58.7% of total oil production, followed by rapeseed and peanut oils at 24.1% and 11.3% respectively. In the 2023/24 season, vegetable oil consumption in China is projected at 36 million tons, up 2% from the previous year. Vegetable oil imports to China in 2023/24 are projected at 11.27 million tons. Lower prices and higher demand in the food processing sector are expected to boost palm oil imports to a record 7.1 million tonnes. Sunflower oil imports, mainly from Ukraine and Russia, are expected to reach 1.1 million tons in the 2022/23 and 2023/24 seasons, compared to ...

Source: Oilworld