Magazines Archives - 2007 December

China’s soybean-oil imports to double in 2008
Story 12

CHINA’S imports of soybean oil is expected to double in volume over the next year, from its current figure of 25%, in light of the growing demand for the commodity in the country. According to Wang Yinji, deputy general manager of local importer and exporter COFCO Ltd, imports will make up 45% of the international soybean trade volume, as local farmers reduce their harvest as a result of rising prices.

Over the past 10 months, China’s soybean imports grew by 4.5% over the same period last year, to 24.54 million tonnes, according to the National Grain & Oil Trade Centre. Currently, Argentina is the largest soybean exporter to China, expecting to export about 6.2 million tonnes by year-end. However, a recent increase in the country’s export tariff from 27.5% to 35% may affect future exports to China.

Wang pointed out that per-capita consumption of vegetable oil in China is 17kg annually, below the world average, as compared with 25kg in Taiwan and 40kg in the US. Based on that observation, Wang said: “Therefore, we can expect the domestic cooking-oil market to expand rapidly in the coming years.” Another factor contributing to the growth of imports is the anticipated decline in the country’s domestic soybean production by about 300,000 tonnes to 14.3 millon tonnes in November this year.

Cheng Guogiang, deputy director of the Development Research Centre of China’s State Council, said that a key factor in increased consumption is rapid urbanisation. According to Customs data, import of vegetable oils grew by 27% over the past 10 months of 2007 to seven million tonnes as compared with last year. Cheng, however, added : “It’s not just vegetable oils, China’s demand for all agricultural products is [also] entering a fast-expanding phase.”


2007 December Stories:

Lack of understanding impedes business growth

Carrefour breaks into Indian market via the wholesale and franchising routes

More Braun Buffel outlets in Malaysia

Experian launches Mosaic Singapore in partnership with SingPost

Wing On celebrates 100 years of retailing in HK

Beijaflor makes Singapore the launchpad for chic, vibrant Brazilian fashion

Philippine Seven set to open 200 outlets by 2010

Vietnam market ripe for the picking

Mahindra ventures into India retail sector

Wal-Mart stays the course with Seiyu buyout

Premium coffee franchise expands in Singapore

Danone pulls out of Bright Dairy

China’s soybean-oil imports to double in 2008

Birkart Globistics sets up centre to train 500 Chinese employees

Wing Tai set on Epicor’s ERP solutions

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