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Palm Olein Imports in China Increased in 2023: Smaller in December

Doc. InfoSAWIT
Palm Olein Imports in China Increased in 2023: Smaller in December

InfoSAWIT, KUALA LUMPUR – Palm oil imports in China significantly increased in 2023 that reached to be 4,305 million metric tons. It increased 27% from the previous year.

According to General Administration of Customs of the People’s Republic of China (GACC), the increasing palm oil imports meant that the country still depends on palm oil and it would be still.

As InfoSAWIT quoted from PalmOilAnalytic, the import leap in the whole year meant that the country made palm olein as the main material for food and palm cooking oil products. Its multi purposes and efficient cost from palm olein made it as the main option for Chinese stakeholders and customers.

But apart from the increasing trend in a whole, palm oil imports significantly slowed down in December that reached 290.027 metric tons. This showed to decreased 33,1% from the previous month.

It happened for some factors, such as, the high stocks, seasonal preference for cold winter because tropical oil was the alternative substitution to process certain products.

“The decreasing imports in December meant the dynamic palm oil trade in China that happened for some factors, such as, the supply, seasonal demand system, and market dynamic globally,” Palmoilanalyic wrote, Saturday (17/2/2024).

Though the winder might decrease tropical oil demands, the long term – prospect would remain positive. This may happen for the better economy in China, palm oil which remains good for some time to be applied in many sectors. (T2)