Chinese edible oil consumption is likely to reach 22.4 million
tons in 2008, up 1.5 million tons from last year's 21 tons, a
high-ranking official from the State Grain Administration (SGA)
said on Saturday.
According to SGA statistics, Chinese consumption of edible oil
increased at a stable rate due to the improved life brought by the
economic boom. The consumption per capita now reached 17 kilograms
annually, almost doubling that of a decade ago.
A potential shortage in edible oil has been recognized,
resulting from the enhanced consumption and increasing need for
soybean meals.
Two-thirds of edible oil materials in China, the largest global
consumer, rely on imports. According to General Administration of
Customs statistics, imports of edible oil and soybean reached 8.38
million tons and 30.82 million tons, respectively, last year, up
1.69 million tons and 2.58 million tons year on year.
According to SGA sources, the price of edible oil is likely to
jump this year due to a global shrinking of soybean planting areas
since 2006. Increasing international shipment fees, as well as
mounting domestic consumption, are other factors.
(Xinhua News Agency February 3, 2008)
