Mumbai, 11 Sep (Commoditiescontrol): China is expected to see a significant reduction in palm oil imports for Marketing Years (MY) 2023/24 and 2024/25, with forecasts indicating a drop to 6.1 million metric tons (MMT) each year from earlier estimates of 6.6 MMT and 6.7 MMT. This decline, captured in the latest trade data, reflects a 29% year-over-year decrease in imports for the first eight months of MY 2023/24, primarily due to sluggish recovery in the food processing sector.
Despite the downward trend in palm oil, total vegetable oil consumption for food use is projected to rise slightly by 1.3% to 36.2 MMT in MY 2024/25, although this is below previous projections.
(By Commoditiescontrol Bureau; +91-9820130172)
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