China Edible Oil Imports Hit Seven-Year Low as Covid Lingers
Photographer: Cao Yiming/Xinhua via Getty Images
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China’s imports of edible oils plunged to the smallest in more than seven years on weak demand from the restaurant industry as the impact of Covid lockdowns lingers, and on expectations prices will drop even more.
Just 254,000 tons were unloaded in June, the lowest monthly total since February 2015, according to customs data compiled by Bloomberg. Inbound cargoes fell over 20% from the previous month and 75% from a year earlier.