Panoramic Analysis of Import and Export Trade in China's Edible Oil Industry from 2015 to 2023
A comprehensive analysis of the import and export trade of China's edible oil industry from 2015 to 2023 is as follows:
I. Overall Trend
During the period from 2015 to 2023, China's edible oil import and export trade exhibited a certain degree of volatility and growth. According to iMedia Consulting, the total import and export volume of China's edible oil showed an overall upward trend during this period. Notably, in 2021 and 2022, due to a combination of factors such as tight international edible oil supply, rising prices, and increased domestic consumption demand, China's total import and export volume of edible oil achieved significant growth. However, this total declined in 2023.
II. Total Import and Export Volume and Changes
Total Import and Export Volume: In 2021, China's edible oil import and export volume recorded the largest increase, reaching 109.40%, and surpassed USD 1 billion for the first time. The figure continued to grow in 2022, peaking at USD 1.502 billion. However, it retreated in 2023 to USD 1.165 billion, a year-on-year decrease of 22.41%.
Import Value: Similar to the trend of the total import and export volume, China's edible oil import value reached its highest level in nearly nine years (2015-2023) at USD 1.468 billion in 2022. In 2023, it decreased to USD 1.131 billion, a 22.98% drop from 2022.
Export Value: Although China's edible oil export value showed an overall growth trend, the growth rate was relatively slow. In 2023, China's edible oil export value was USD 35 million, up 2.21% from 2022.
III. Trade Deficit
China's edible oil foreign trade has consistently maintained a deficit. In 2023, China's edible oil trade deficit amounted to USD 1.096 billion, approximately four times that of 2015. This reflects the supply-demand relationship of China's edible oil market in the international arena and China's status as a major consumer of edible oil.
IV. Major Import and Export Countries/Regions
Import Countries: Indonesia is China's primary source of edible oil imports. In 2023, China imported edible oil from Indonesia worth USD 969 million, significantly higher than other countries. Additionally, the United States and Australia are also important sources of edible oil imports for China.
Export Countries: China's edible oil exports are widely distributed but primarily focused on neighboring countries and regions. In 2023, South Korea was the largest destination for China's edible oil exports, followed by Hong Kong, China, and the Philippines.
V. Import and Export Varieties
China imports and exports a wide range of edible oil varieties, including soybean oil, peanut oil, rapeseed oil, palm oil, olive oil, sunflower oil, and other oils. Among them, soybean oil, as one of the most consumed vegetable oils in China, has seen its import volume continue to grow in recent years, primarily sourced from soybean-producing countries such as Argentina and Brazil.
VI. Market Outlook
In the future, with the continuous changes in the international trade environment and the increasing diversification of consumer demand, China's edible oil industry needs to continue strengthening quality control, optimizing product structure, and enhancing brand influence to further consolidate its position and expand market share in the international market. Meanwhile, domestic edible oil enterprises should actively respond to international market fluctuations, increase self-sufficiency, and reduce dependence on external markets.
In summary, China's edible oil industry's import and export trade experienced growth amidst fluctuations from 2015 to 2023, but it still faces certain challenges and opportunities. In the future, China's edible oil industry needs to continuously adapt to market changes and enhance its competitiveness to achieve more stable and sustainable development.
