China likely to increase Malaysian palm oil imports, says Zuraida | The Malaysian Insight

Plantation Industries and Commodities Minister Zuraida Kamaruddin says China is expected to import 4.8 million tonnes of palm oil globally in 2022. – The Malaysian Insight file pic, July 19, 2022.

“This is surely a good piece of news given the uncertainties shrouding the international palm oil trade as evident by plummeting crude palm oil prices to sub-RM4,000 per tonne level after a spike to above RM8,000 per tonne in March 2022,” she said in a statement today. High vegetable oil prices in the first five months of 2022 have deterred buyers and traders in China from actively importing palm oil and other edible oils, hence prompting palm oil imports to drop by 58.3% year-on-year or 1.52 million tonnes to only 960,000 tonnes.

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