Mumbai, 24 Jun (Commoditiescontrol): Recent data shows significant shifts in China's imports of major edible vegetable oils in May 2024, with notable changes in both month-over-month (MOM) and year-over-year (YOY) metrics.
Soy Oil:
Imports surged to 44,400 MT in May 2024, a remarkable increase of 145.6% MOM and an astonishing 333.3% YOY.
The total imports from January to May 2024 were 119,000 MT, reflecting a slight decline of 5.6% compared to the same period in 2023.
Palm Oil:
Imports reached 240,000 MT in May 2024, marking a 10.1% MOM increase and a 12.7% YOY rise.
However, the year-to-date (YTD) imports stood at 1,210,000 MT, a significant decrease of 34.6% from the previous year's figure of 1,850,000 MT.
Rape Oil:
Imports dropped to 140,000 MT in May 2024, a 9.1% decrease MOM and a 19.1% decline YOY.
The YTD imports were 814,000 MT, down by 15.3% compared to 967,000 MT during the same period in 2023.
Sunflower Oil:
Imports slightly increased to 86,000 MT in May 2024, showing a 2.4% MOM growth but a significant 58.9% YOY decrease.
From January to May 2024, imports totaled 582,000 MT, a 21.9% drop from the previous year's 745,000 MT.
Overall:
The total imports of major edible vegetable oils in May 2024 amounted to 510,200 MT, representing a 7.6% increase MOM but a 15.7% decrease YOY.
The cumulative imports from January to May 2024 were 2,725,000 MT, showing a decline of 26.1% compared to 3,688,000 MT during the same period in 2023.
These trends highlight significant volatility in China's edible vegetable oil market, with varying performance across different oil types.
The substantial increase in soy oil imports contrasts with the declines in rape oil and sunflower oil, while palm oil remains relatively stable with modest growth.
(By Commoditiescontrol Bureau; +91-9820130172)
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