Heightened Palm Oil Demand by China and Pakistan

Palm Oil Magazine
Doc. Palmoilmagazine.com / Crude palm oil (CPO) price at Malaysia Derivative Exchange increased on Wednesday (30/8/2023), helped by other vegetable oils that got more expensive and decreasing ringgit (currency).

PALMOILMAGAZINE, MUMBAI – The surge in palm oil demand is not limited to India, China, and Bangladesh; Pakistan has also shown increased interest, especially during August and September 2023.

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As reported by Palmoilmagazine.com, citing Reuters, vegetable oil imports, including palm oil, in China witnessed a substantial 48% rise to reach 778,000 tons in July 2023 compared to the previous year.

The preference for palm oil over other vegetable oils due to its more economical pricing has driven China to elevate its purchasing efforts incrementally. This trend is closely linked to the palm oil supply dynamics in Malaysia and Indonesia.

Also Read : Nearly 15% Decrease in Vegetable Oil Imports in India in May 2023

Malaysian Palm Oil Board (MPOB) mentioned that palm oil exports from Malaysia in August 2023 escalated 15,55% to be 1,35 million tons to July 2023. AmSpec Agri Malaysia reported that in the first ten days of August 2023, palm oil exports from Malaysia increased 17,5% to be 383.795 tons. (T2)

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