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

China increased its oilseed imports by more than 15 million tonnes from the previous season, with soybeans accounting for most of those imports. The import of vegetable oils also increased, with palm oil leading the way.

Analytical agency OilWord compared the indicators of import of oil crops and their processing in China for the current and last marketing year. According to the agency, the import of oil crops showed record results - 110.2 million tons compared to 95.2 million tons the previous year. At the same time, soybeans account for 92% of imports in this industry.

As for the products of processing of oil crops, the supply of vegetable oil showed a significant growth here - 11.49 million tons compared to 7.13 million tons last season. Palm oil accounts for more than half of imports (6.15 million tons). However, the volume of meal imports remained unchanged at 6.48 million tons, but the structure of imports changed. According to the agency, the demand for sunflower and palm meal increased, and, accordingly, the volume of imports of other types of meal decreased.