February 18, 2011

China raises forecast for February edible oils imports

China's Ministry of Commerce (MOC) lifted February import estimates of soyoil, palm oil and rapeseed oil imports to 118,000 tonnes, 206,600 tonnes and 36,900 tonnes, respectively, over its previous forecasts made in late January.

Compared with nearly 600,000 tonnes of monthly edible oil imports in the fourth quarter of last year, imports in January and February of 2011 are expected to drop sharply mainly due to adequate supply on domestic market, higher import prices as well as traditional off-season for palm oil consumption in winter.

The ministry also predicted that edible oils imports in March would slip further according to projected shipments in February.

The estimates are based on reports from importers during the January 16-31 period. The MOC regularly releases its estimate twice a month, and its forecast is usually lower than the actual import figures as it does not include all cargoes.