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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

14/09/2004

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

NULL

CATEGORY

HEADLINE

USDA: China's 2004-05 Veg Oil Imports Seen Rising
13/09/04 - CEDAR FALLS, Iowa (Dow Jones)--China's total vegetable oilimports are forecast at 7.0 million tons, a slight increase from lastyear, the U.S. Department of Agriculture said Monday in its Oilseeds:World Markets and Trade report.Although oil consumption should continue to rise supported by incomegrowth, vegetable oil import growth is expected to slow due partly tolarger production in the country. Vegetable oil production is forecast at13 million tons, up 11% from the previous year, due mainly to largerforecast production of soybean oil, cottonseed oil, and rapeseed oil.Imports are expected to account for nearly 35% of total vegetable oilconsumption. China is estimated to account for 19% of global oilconsumption in 2004/05, the report said.China's vegetable oil imports in 2003/04 are estimated to reach 6.8million tons, up nearly 27% from the previous year, the USDA noted. Thesharp increase in imports is primarily attributed to high soybean pricesin the spring that made oil crushing unprofitable and encouraged importsof oil. Anticipation of the implementation of new standards for crudesoybean oil has also accelerated imports before the new standards go intoeffect on Oct. 1, 2004. Vegetable oil imports are mainly from Argentina(soy) and Malaysia (palm).