China set a new record for oilseed imports in the current marketing year

China has increased its imports of oilseeds by more than 15 million tons compared to last season, with soybeans accounting for the vast majority of imports. Imports of vegetable oil have also increased, with palm oil leading the industry.

The analytical agency OilWord compared the import indicators of oilseeds and their processed products in China for the current and last marketing year. According to the agency, imports of oilseeds showed record results - 110.2 million tons versus 95.2 million tons a year earlier. Moreover, 92% of imports in this industry are soybeans.

As for processed oilseed products, the supply of vegetable oil showed a significant increase - 11.49 million tons compared to 7.13 million tons for the previous season. More than half of imports (6.15 million tons) came from palm oil. But the volume of meal imports did not change and remained at 6.48 million tons, but the structure of imports changed. Thus, according to the agency, the demand for sunflower and palm kernel meal has increased - and, accordingly, the volume of imports of other types of meal has decreased.