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China Edible Oil Imports Hit Seven-Year Low

Customs data shows just 254,000 tons were unloaded in June


China’s imports of edible oils plunged to the smallest in more than seven years on weak demand from the restaurant industry as the impact of COVID lockdowns lingers, and on expectations prices will drop even more.

Just 254,000 tons were unloaded in June, the lowest monthly total since February 2015, according to customs data compiled by Bloomberg.

Inbound cargoes fell over 20% from the previous month and 75% from a year earlier.

Global buyers of palm oil, the most consumed vegetable oil, have been riding a roller-coaster this year, with prices climbing to a record close in April before slumping 45% as Indonesia ramps up exports.

Analysts expect India and China to return to the market to take advantage of lower prices, but trade data show there’s still a long way to go.

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