Chinese Edible Oil Imports Plunge

The nosedive in China's soybean oil and palm oil import in September has stirred up worries over oilseed and oil consumption of China, one of the world major oil consumers.

According to the recent data released by China Customs China's import volume of soybean oil in September decreased 40 percent year on year to reach 205,870 tons, and that of palm oil fell 31 percent to 439,571 tons.

"The current declining trend of China's oilseed and oil market is not greatly related with the supply," said an official with China Vegetable Oil Company, "but has close relations with the financial situation, bio-fuel, and futures market of CBOT."

Nothing to do with defaulting on high-priced goods then?