Shanghai Port Reports Surge in Edible Plant Oil Imports

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Last updated at: (Beijing Time) Monday, December 02, 2002

Shanghai Port Reports Surge in Edible Plant Oil Imports

A total of 152,000 tons of edible plant oil were imported via Shanghai Port in the first nine months of the year, more than doubling the volume a year earlier.

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A total of 152,000 tons of edible plant oil were imported via Shanghai Port in the first nine months of the year, more than doubling the volume a year earlier.

According to sources with Shanghai Customs, the imports consisted of soybean oil and palm oil. Imports of soybean oil stood at 54,000 tons, 22 times that of the same period last year, while imports of palm oil rose by 43 percent.

The drastic rise in soybean oil imports was attributed to the Chinese government's lowering the tariff rate from 121.6 percent to 52.4 percent for imports exceeding the quota.

However, imports of palm oil also rose sharply despite the fact that the government hiked the tariff rate from 30 percent to 52.4 percent for imports exceeding the quota.

Experts warned the sharp rise in imported edible plant oil would have a big impact on Chinese businesses processing such oils as well as related markets.

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