China will again sharply raise imports of soyaoil, palm oil and soyabeans in 2011/12 as insufficient domestic oilseed production continues to be outpaced by rapid demand growth. "China's import dependence in the oilseed sector is reaching alarming proportions," Oil World said.
China's October 2011/September 2012 soyaoil imports will rise to 1.56 million tonnes from 1.51 million tonnes in 2010/11 and palm oil imports will rise to 6.67 million tonnes from 6.06 million tonnes, Oil World forecasts. Demand continues to be driven by China's economic growth, rising population and increasing meat consumption as incomes rise, it said.
China's own edible oil production is not rising enough to meet its needs despite reaching record levels, it stressed. China's 2011/12 soyabean imports are forecast by Oil World to rise to 58.3 million tonnes from 53.1 million tonnes in the previous season. This would permit China's 2011/12 soyabean crushing to rise by 4 million tonnes on the year to a record 56.7 million tonnes, Oil World said. This would enable China's 2011/12 soyaoil output to rise to 10.03 million tonnes from 9.37 million tonnes in the previous season.
But this would still be way below China's forecast 2011/12 soyaoil consumption of 11.50 million tonnes, up from 10.85 million tonnes in the previous season, Oil World said. Meanwhile, a poor crop also means China's 2011/12 rapeseed oil output will fall to 4.65 million tonnes from 4.79 million tonnes last season, Oil World added.
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