PALMOILMAGAZINE, KUALA LUMPUR – Palm oil imports into China experienced a significant surge in 2023, reaching 4.305 million metric tons, marking a 27% increase from the previous year. The General Administration of Customs of the People’s Republic of China (GACC) noted that this rise underscores the country’s continued reliance on palm oil imports.
As reported by Palmoilmagazine.com, citing PalmOilAnalytic, the notable increase in imports throughout the year indicates a growing preference for palm olein as a primary ingredient in food and cooking oil products. The versatility and cost-effectiveness of palm olein have positioned it as the preferred choice among Chinese stakeholders and consumers.
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.
Also Read: China First-Half 2023 Palm Oil Imports Surge by 77.9%
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)
