28 July, 2008 - China's expenditure on vegetable oil imports almost doubled in the first five months of 2008 thanks to strong domestic demand and soaring prices.
By the end of May, China had bought 3.57 million tonnes of edible vegetable oil from abroad, a year-on-year rise of over 11%. The shipments totalled US$3.98 billion – an increase of 94% compared to 2007, The Chinese General Administration of Customs said.
The import price averaged US$1,114 per tonne, a jump of 75% over the past 12 months.
Some 89% of the import total consisted of; 2.07 tonnes of palm oil, a 23% rise; 1.13 tonnes of soybean oil, up 7.7%. Nearly two thirds of imports came from its ASEAN neighbours.
The Government department said growth in imports was being attributed to strong demand and limited domestic production. In 2007, China produced just nine million tonnes of edible vegetable oil but consumed 22.5 million tonnes.