January 18, 2008

China's soyoil exports on track to break record

Just 2 months into the 2007/08 marketing year, imports of soy oil by China are on a pace to break the 2003/04 record (2.7 million tonnes), according to the USDA Oilcrop Outlook released Monday ( January 14, 2008).

This month, the forecast of China's 2007/08 imports of soy oil was raised from 2.6 million to 2.8 million tonnes (versus 2.4 million tonnes in 2006/07).

Still, overall vegetable oil consumption in China is forecast to grow by only 4 percent this year, compared to nearly 9 percent in 2006/07.