China edible oil imports slow in first 8 months
Posted on Oct-08-2008· by china investor
The General Administration of Customs said on Tuesday that China imported sum edible oil between January and August this year is 18.9 percentage points which is lower than the 23.6 percent increase in the same period last year.
The customs said the main cause of the slowing imports is shrinking soybean supply from Argentina which is China’s biggest soybean supplier.
In order to reduce the cost of soybean imports and curb price rises for grain on the domestic market, China reduced import duty on soybeans to one percent on Oct. 1, 2007.
GAC said that China relied foreign exports of edible oil, so was easy to have the risks of international price volatility, which influence the national grain security.
When many housewives buy cooking oil in the supermarket, they might be surprised to find that the price of edible oil rose by more than 20 percent compared to the prices several months ago , Some families maybe decided to reduce daily oil consumption,for example,they would cook less oil every day .The edible oil price indeed influence the lives of ordinary people in China.
Tags:
edible oil
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