In 2019/20 MY, China will increase the consumption of sunflower oil and meal, thus increasing the import of the products, declared the Deputy General Director of Myande Group Rus LLC, Andriy Vusyk within the online conference SUNFLOWER OIL: KEEP ON TRADING ONLINE-2020, on June 11.
The expert pointed out that the inner demand for sunflower oil could reach 2.06 mln tonnes in China this season compared to 1.49 mln tonnes in 2018/19 MY, while the imports of sunflower oil will reach 1.35 mln tonnes against 1.03 mln tonnes year ago.
“The imports of sunflower meal could reach 1.32 mln tonnes against 1.29 mln tonnes in 2018/19 MY, while the consumption of the product could total 2.39 (1.97) mln tonnes. Let me remind that China started to import sunflower meal in 2017/18 MY (210 thsd tonnes)”, - A.Vusyk said.
Moreover, the speaker emphasized that China has been increasing the areas under oilseeds during the last 5 seasons. The main extension was observed for soybean area that reached 9.1 mln ha in 2019/20 MY (+8% per year). Higher oilseeds sown area led to upward trend in production that reached record 62.63 mln tonnes (+4.5%) with the largest surplus in soybean crop. Thus, the annual soybean production surplus made up 13% in 2019/20 MY and crop totaled 18.1 mln tonnes compared to 15.96 mln tonnes year ago.
“Overall production of vegetable oils is stable at 26.5 mln tonens during the last 2 seasons (2018/19 and 2019/20 MY), down significantly from the result of 2017/18 MY (27.7 mln tonnes). The trend is based preliminary on lower soybean oil output in 2019/20 MY (15.5 mln tonnes, down 1%) as well as rapeseed oil production (5.9 mln tonnes, down 6.6%). At the same time, the import of vegetable oils is growing. It could reached record 11.43 mln tonnes this season”, - the speaker added.