Oilseeds and Products Annual

An Expert's View about Cereals, Leguminous Crops, Oil Seeds in Taiwan

Posted on: 12 Apr 2012

Taiwan typically ranks among the top five export markets for U.S. soybeans, but marketing year 2011/12 imports are expected to fall to 2.2 million metric tons.

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 3/29/2012 GAIN Report Number: TW12007 Taiwan Oilseeds and Products Annual Updates Approved By: Jeffery Hesse Prepared By: Chiou Mey Perng Report Highlights: Taiwan typically ranks among the top five export markets for U.S. soybeans, but marketing year 2011/12 imports are expected to fall to 2.2 million metric tons due to reduced livestock production following outbreaks of avian influenza and foot and mouth disease. Higher oil and protein content is stimulating interest in South American beans. As a result, U.S. market share could also fall in MY2011/12. With an expected recovery in the livestock sector, imports are forecast to improve to 2.4 million metric tons in MY2012/13. Commodities: Oilseed, Soybean Production, Supply and Demand Data Statistics: Oilseed, Soybean T 2010/2011 2011/2012 2012/2013 aiwan Market Year Begin: Oct Market Year Begin: Oct Market Year Begin: Oct 2010 2011 2012 USDA New USDA New USDA New Official Post Official Post Official Post Area Planted 0 0 0 0 0 Area Harvested 0 0 0 0 0 Beginning Stocks 124 124 148 148 150 Production 0 0 0 0 0 MY Imports 2,454 2,454 2,300 2,212 2,400 MY Imp. from U.S. 1,490 1,490 1,300 1,200 1,320 MY Imp. from EU 0 0 0 0 0 Total Supply 2,578 2,578 2,448 2,360 2,550 MY Exports 0 0 0 0 0 MY Exp. to EU 0 0 0 0 0 Crush 2,150 2,150 2,060 1,930 2,125 Food Use Dom. Cons. 280 280 280 280 280 Feed Waste Dom. Cons. 0 0 0 0 0 Total Dom. Cons. 2,430 2,430 2,340 2,210 2,405 Ending Stocks 148 148 108 150 145 Total Distribution 2,578 2,578 2,448 2,360 2,550 CY Imports 2,346 2,340 2,400 2,175 2,350 CY Imp. from U.S. 1,800 1,284 1,200 1,200 1,295 CY Exports 0 0 0 0 0 CY Exp. to U.S. 0 0 0 0 0 TS=TD 0 0 0 Author Defined: Soybean Situation and Outlook General Taiwan is fully dependent on imports of soybeans with demand divided between food use and crushing for meal and oil. In marketing year (MY) 2010/11, Taiwan imported a total of 2.4 million metric tons (MMT) of soybeans, with 61 percent sourced from the United States (valued at $763 million.) Recent outbreaks of high pathogenic avian influenza (HPAI H5N2) and some isolated incidents of foot and mouth disease have disrupted local poultry and swine production. These incidents have also affected consumer demand, at least in the short term, following a string of highly sensationalized food safety events that have raised concerns about meat and poultry products in general. As a result, soybean imports are expected to decline to 2.2 MMT in MY2011/12. With the eventual relaxation of consumer fears and an expected recovery of the local livestock sector, soybean imports are forecast to improve to 2.4 MMT in MY2012/2013. Demand for food-use soybeans, partly due to concerns about meat and poultry products, remains strong and is estimated at 280 thousand metric tons (TMT) in MY2010/11. This demand is primarily satisfied by locally-screened U.S. #2 grade soybeans and distributed by domestic crushers. According to the Taiwan office of the American Soybean Association-International Marketing (ASA-IM), about 20 TMT of the total food use soybeans were non-GM, including organic and food grade beans,. It is difficult to estimate the actual volume of non-GM food-grade soybeans sourced from the U.S. based on Taiwan Customs statistics. However, at least four U.S. non-GM soybean suppliers are active in the Taiwan market, so local soy food manufacturers are able to source U.S. non-GM beans, including specialty varieties that are used to make natto, a fermented soybean used in traditional cooking, or natto kainase, a health food supplement. Market Share: U.S. is expected to remain dominant supplier In recent years, U.S. soybeans have faced stronger competition from South American soybeans. Taiwan crushers have indicated that South American beans are not only price-competitive but even superior in terms of oil and protein content. Despite this challenge, the United States is expected to retain its leading position in the Taiwan soybean market, albeit at lower levels. Increasing attention to quality, year-round shipping availability, reliability of U.S. supplies, and the advantage of shipping from the U.S. via backhaul containers are all factors that favor imports of U.S. soybeans. Domestic food manufacturers also prefer U.S. origin screened beans for their food processing lines. In addition, local crushers value the trade servicing and marketing support provided by the U.S. cooperator, ASA-IM Taiwan. In MY 2010/11, the United States held a 61 percent share of total imports, followed by Brazil with 38 percent; Argentina, Ukraine, Canada, China, Paraguay and other countries made up the balance. While the U.S. has ceded some market share to Brazil in recent years, U.S. soybeans are expected to regain some lost market share with lower moisture and higher oil and protein content soybeans preferred by Taiwan crushers. Biotechnology and Labeling According to Taiwan's Food and Drug Administration, Taiwan has granted registration approvals for seven single event biotech soybean products: 40-3-2 (RRS); A2704-12; MON89788; DP-356043-5; DP- 305423-1; A5547-127; and MON87701. Taiwan also has granted registration approval for 16 single- event corn products, and 26 stacked corn events are registered and approved, of which 13 are two-way, 7 three-way, and 6 four-way. The registration is valid for five years for food, feed and processing (FFP) use but cannot be used for environmental release or planting. Food products derived from biotech soybeans, such as tofu, soy milk, miso, natto and others must be labeled as containing biotech soybeans or biotech soybean ingredients. In March 2009, Taiwan's health authorities announced a new labeling requirement for foods in bulk packaging. Starting from January 1, 2010, all food products in bulk packaging for retail sale must indicate (1) product name and (2) country of origin on a card, logo (label), sign board or any other form prominently displayed in retail venues so that it can be clearly identified by consumers. This is Taiwan?s first initiative to require labeling for food sold in bulk. The new labeling requirement may have some potential to increase Taiwan?s demand for non-GM food soybeans given the small but growing segment of Taiwan?s population that demands natural-grown or organic products as part of a larger movement promoting healthier eating/lifestyles. Low level Stocks & Containerized Shipments Local crushers purposely maintain low stock levels for cost management purposes. The availability of containerized shipping in recent years has provided importers with greater flexibility in shipping, which also reinforced the decision to maintain limited stocks. This shipping method peaked in 2007 when 77 percent of U.S. soybean shipments arrived by container. However, this paradigm shifted again during the recent global downturn as the volume of empty backhaul containers declined. In MY2010/11, containerized shipments accounted for only 31 percent of total imports. Quarantine Requirements for Wood Packing Material in Oilseeds/Grain Containerized Shipments All shipments without ISPM-15 compliance stamps on wood packing materials, such as bulkheads, must be fumigated at the port of entry in accordance with Taiwan import requirements for wood packing materials. Taiwan has enforced these wood packing material requirements in compliance with the IPPC?s ISPM-15 since January 1, 2009. The trade is familiar with these rules, and there were no reports of any noncompliant cases in 2011. Trade with China under a Thawing Cross Strait Relationship Taiwan bans imports of commodity soybeans and soybean meal and oil from China, but has permitted imports of specialty soybeans from China under a separate Code, HS1201-0000-20-1, since September 8, 2008. According to contacts in the Taiwan soy food sector, the current demand for China-origin specialty black skin soybeans is around 5-6 TMT a year. The black skin soybeans are used to make specialty soy milk or fermented soy sauce. Although no soybean meal from China has been imported to date, Taiwan temporarily lifted the import ban on soybean meal from China from November 18, 2003 to January 31, 2004 at the request of the livestock sector. Similar and more frequent openings have occurred for imports of feed-use corn from China. This suggests that Taiwan authorities are willing to lower import restrictions on agricultural products from China under certain circumstances. Further speculation on future openings for imports of soybeans from mainland China has increased since Taiwan signed the Economic Cooperative Framework Agreement (ECFA) with China in June 2010. The Ma Administration has indicated, however, that Taiwan will not open its market to the 830 agricultural products that are currently banned from mainland China. Commodities: Meal, Soybean (Local) Production, Supply and Demand Data Statistics: Meal, Soybean T 2010/2011 2011/2012 2012/2013 aiwan Market Year Begin: Oct Market Year Begin: Oct Market Year Begin: Oct 2010 2011 2012 USDA New USDA New USDA New Official Post Official Post Official Post Crush 2,150 2,150 2,060 1,920 2,120 Extr. Rate, 999.9999 1. 0.8326 1. 0.8323 0.8302 Beginning Stocks 37 37 42 31 39 Production 1,691 1,790 1,700 1,598 1,760 MY Imports 56 56 50 200 50 MY Imp. from U.S. 6 3 6 50 10 MY Imp. from EU 0 0 0 0 0 Total Supply 1,784 1,883 1,792 1,829 1,849 MY Exports 10 4 8 20 10 MY Exp. to EU 0 0 0 0 0 Industrial Dom. Cons. 0 0 0 0 0 Food Use Dom. Cons. 0 0 0 0 0 Feed Waste Dom. Cons. 1,732 1,848 1,750 1,770 1,805 Total Dom. Cons. 1,732 1,848 1,750 1,770 1,805 Ending Stocks 42 31 34 39 34 Total Distribution 1,784 1,883 1,792 1,829 1,849 CY Imports 50 90 50 200 200 CY Imp. from U.S. 6 20 0 50 50 CY Exports 8 11 8 20 10 CY Exp. to U.S. 0 0 0 0 0 SME 1,732 1,848 1,750 1,770 1,805 TS=TD 0 0 0 Author Defined: Oilmeal Situation and Outlook General Local demand for soybean meal is the main driver for Taiwan?s imports of soybeans, with locally crushed soymeal accounting for 97 percent of the domestic market in MY2010/11. Based on local livestock production, Taiwan?s total soybean meal demand is estimated at 1.7-1.8 million metric tons annually, including conventional, de-hulled and full-fat meal. Demand for full-fat meal was an estimated 350 TMT during MY2010/11 but is expected to fall to 310 TMT in MY2011/12 due to disruptions in the local livestock sector due to outbreaks of avian influenza and other market factors. With an anticipated recovery in the livestock sector in MY2012/13, imports are forecast to expand to about 340 TMT. Taiwan feed millers, aiming to reduce feed production costs, pay close attention to the world soybean and meal markets. They import meal only when the global soybean meal price is comparatively lower than locally crushed soybean meal. However, local crushers have on occasion paid a premium for protein in an effort to keep locally crushed meal competitive with imported meal. In addition to the occasional import of soybean meal, locally crushed soybean meal faces some minor market challenges from imports of distiller?s dried grain soluble (DDGS) and other oilseed or protein meals, especially during periods of high world soybean prices. Situation and Outlook of Taiwan Livestock Sectors Swine and poultry production account for about 80 percent of Taiwan's total livestock output. The local swine and poultry sectors have proven to be generally competitive with imports of pork and poultry products since Taiwan liberalized its meat and poultry products import market as part of Taiwan?s 2002 WTO accession. In terms of domestic marketing, Taiwan promotes freshness, a smaller carbon footprint with "local consumption from local production", and a traceability system to help compete with imports. Consumers can use a quick response (QR) code to trace back production information on some packaged products to find the producer?s name, where the animal was raised and processed, the date of processing, the sanitary quality of the product, and even the kind of feed given to the animal. In addition, despite some food safety concerns, Taiwan has decided to allow the continued marketing of fresh-kill chicken, mostly the native ?tugi? (native bird) variety. Hog Sector: Despite a mandatory FMD vaccination programs, Taiwan still has sporadic "Type-O- Taiwan" FMD incidents. There were four cases in 2010, two cases in 2011, and ten cases already reported in the first three months of 2012. In February 2012, Taiwan reported to the OIE Taiwan?s first- ever detection of the new "type O-pan-Asia" strain of FMD in four out of the ten FMD incidents on Kinmen island, the same strain that caused outbreaks in Japan and South Korea last year and that can be transmitted to cattle, sheep, pigs and deer. A total of 867 pigs have been culled to date. Cloven-hoofed live animals and products from Kinmen have been barred from export to the Taiwan mainland. According to Taiwan agricultural authorities, the new strain FMD incidents have been confined to Kinmen Island, which accounts for only 0.3 percent of Taiwan?s total swine production. Taiwan conducts a hog census twice a year. According to the most recent November 2011 census, the standing hog population was 6.26 million head, up 1.3 percent year-over-year and up by 1.1 percent from the May 2011 survey. The surveys indicated a continued expansion in the hog herd as part of a general recovery from the August 2009 Morakout Typhoon that caused extensive disruption in the local swine sector. The surveys also indicated that swine farm operations are becoming more concentrated as small-scale and less competitive farms are gradually phased out. The Council of Agriculture?s 2012 swine target production was previously set at 8.7 million. However, an oversupply situation early in the year caused the per 100 kilo auction price to decline from the peak last July of NT$7,514 (about US$250) to NT$6,856 (about US$230) in February 2012. Prices have subsequently declined to NT$5,286 (about US$176) due to public food safety concerns over the detection of residues of banned feed additives in local meat products and the reported cases of FMD. Currently, Taiwan bans all beta-agonists in food-animal production. During routine domestic market surveillance, however, Taiwan authorities have found residues of salbutamol, ractopamine and other illegal feed additives. As the result of heightened consumer concerns and reduced demand, 2012 swine production is expected to decline to 8.6 million head. This will lead to a proportionate reduction in feed demand. Poultry Sector: A movie released in 2011 featured a vendor in a local night market selling deep-fried chicken fillets. The movie was a big hit and spurred consumption of the deep-fried fillets, which helped push Taiwan's broiler production in 2011 to 200 million birds, an eight percent increase from 2010. Consequently, before the HPAI detections, the COA?s 2012 target broiler production was set to remain at 200 million birds (slaughtered), whereas the target production for "tugi" (native chicken) was set at 123 million, reflecting a slight 1.6 percent reduction due in part to a decrease in preparing meals at home. Consumers prefer tugi to broilers in home meal preparation. In March 2012, however, Taiwan detected the first ever case of the high pathogenic H5N2 strain of avian influenza. As of the date of this report, five chicken farms in central Taiwan were affected, including three layer, one broiler and one tugi farm. Of these, one layer farm tested positive for low pathogenic AI (LPAI) and the other four were high pathogenic (HPAI). Approximately 80,000 birds on the HPAI farms were culled. Poultry farms located within a three kilometer radius of the infested farms were under quarantine monitoring, but additional AI findings are possible in the near term. The somewhat sensationalized media coverage of the current AI situation has dampened consumers? appetites for poultry products and caused a reported 20-30 percent drop in prices. Target broiler and tugi production for 2012 are therefore revised downward by 11 million birds, respectively. The 2012 duck target production was set at 28.8 million birds, an increase of 0.3 million birds from 2011. Annual production of geese and turkey will remain unchanged at around 5 and 2 million birds, respectively. The 2012 chicken egg target production was previously set at 6.4 billion eggs, but will be significantly reduced due to current HPAI findings in layer farms. Duck egg target production is set at 485 million eggs, an increase of one million eggs from 2011. Taking into account the potential impact of the HPAI incidents, total poultry production for 2012 is now predicted at 340 million birds, a 10 percent cut from the earlier target, which is equivalent to an approximately 145 thousand metric tons decrease in poultry feed consumption. Accordingly, poultry feed demand is forecast at 3.2 million metric tons. Total Feed Demand Estimates: With additional feed demand for dairy, fishery and others, Taiwan?s total feed demand estimate is 7.105 million metric tons for MY2011/12, whereas feed demand for MY2012/13 year is forecast to return to the 2010/11 level of 7.180 million metric tons. Meal demand is estimated at approximately 1.7-1.8 million metric tons based on a 25 percent soybean meal inclusion rate. Consumption & Trade In MY2010/11, Taiwan imported a total of 56 TMT of soybean meal, of which 3 TMT was imported from the United States while the rest was sourced from India. Taiwan reduced by half the tariff on soybean meal under HS-1208 to 1.5 percent from December 1, 2010 thru May 31, 2012 to help the domestic livestock industry cope with recent increases in soybean prices. Taiwan crushers have invested in de-hulling equipment to increase production of high protein de-hulled meal. In addition to conventional soybean meal, full fat meal and de-hulled high protein meal with crude protein (CP) of 47% or above remained popular. De-hulled high protein meal is priced with a premium of NT$0.70/kg over conventional CP 43% soy meal. Taiwan has a CP 43% national standard for soybean meal. The production of full fat soybeans is estimated at about 350,000 metric tons in MY 2010/11, falling to 310,000 metric tons for MY 2011/12, and then recovering to 340,000 metric tons in MY 2012/13. The combined feed inclusion rate of protein meals other than soybean meal (all imported) was around 13 percent in MY2010/2011, as shown in the table below. Other Protein Meals Substitute for Soybean Meal in 1,000 metric tons (TMT) Meal/HS Code MY2008/09 MY2009/10 MY2010/11 HS2301.10: Meat and offal meal 41 51 52 HS2301.20: Fish meal 179 156 155 HS2302: Grain bran 85 55 54 (HS2302.10: corn gluten meal) (50) (36) (13) HS2303.30: DDGS 82 139 225 HS2305: peanut meal 7 4 5 HS2306: other oilseeds meal 325 231 135 HS2309.90: others for animal feeding 52 62 83 HS1204: alfalfa & Lucerne 194 203 213 Total 965 (13.5%) 901 (12.6%) 922 (12.8%) Sources: Taiwan Customs Statistics According to industry sources, Taiwan uses very little milk powder or whey products in feed formulation because of the high cost. Imports of dairy products for feed use in MY2010/11 under HS2309-9021 and HS2309-9022 were zero, 20 metric tons under HS2309.9023 20, and 38 metric tons under HS2303.9030 38. Commodities: Oil, Soybean Production, Supply and Demand Data Statistics: Oil, Soybean T 2010/2011 2011/2012 2012/2013 aiwan Market Year Begin: Oct Market Year Begin: Oct Market Year Begin: Oct 2010 2011 2012 USDA New USDA New USDA New Official Post Official Post Official Post Crush 2,150 2,150 2,060 1,920 2,120 Extr. Rate, 999.9999 0. 0.1605 0. 0.151 0.1509 Beginning Stocks 1 1 12 13 12 Production 405 345 407 290 320 MY Imports 5 5 0 24 10 MY Imp. from U.S. 0 0 0 10 5 MY Imp. from EU 0 0 0 0 0 Total Supply 411 351 419 327 342 MY Exports 8 8 10 10 10 MY Exp. to EU 0 0 0 0 0 Industrial Dom. Cons. 15 15 15 15 15 Food Use Dom. Cons. 376 315 384 290 300 Feed Waste Dom. Cons. 0 0 0 0 0 Total Dom. Cons. 391 330 399 305 315 Ending Stocks 12 13 10 12 17 Total Distribution 411 351 419 327 342 CY Imports 0 5 0 24 10 CY Imp. from U.S. 0 0 0 10 5 CY Exports 10 14 10 10 10 CY Exp. to U.S. 0 0 0 0 0 TS=TD 0 0 0 Author Defined: Oil Situation and Outlook General Taiwan?s demand for soybean oil is primarily met by local crushing of imported soybeans with limited soybean oil trade. In MY2010/11, Taiwan imported 5 TMT of soybean oil and exported 8 TMT, mainly to Japan and the Philippines. In general, Taiwan exports approximately 10 thousand metric tons of refined edible oils to the region annually according to export statistics in recent years. Taiwan only occasionally imports small amounts of soybean oil for balancing domestic demand. Imports of soybean oil are expected to remain limited due to Taiwan?s relatively efficient local crushing sector. Taiwan?s total vegetable oil consumption in 2011 was an estimated 573 TMT, up 20 TMT from the previous year. The increase could be the result of greater enforcement of Taiwan's quality standards for deep frying oil in line with the July 2009 announcement of the Good Hygienic Practices of Food Preparation rules for the hotel, restaurant and institutional (HRI) sector. Taiwan health authorities now regularly inspect deep frying oil quality in fast food chains and other outlets after a media scandal about some restaurants reusing their oil elevated consumer concerns. The increase in oil consumption could also be the result of the expanded use of recycled cooking oils for B100 biodiesel production to meet Taiwan?s biodiesel mandate, which was implemented in June 2010 with an estimated demand of 100 million liters of B100. Taiwan has approximately 130 million liters of local B100 biodiesel production capacity using recycled cooking oil. Competition Among Oils (MY2010/11 versus MY2009/10) There are three segments in the Taiwan vegetable oil market: The market leaders are soybean oil and palm oil, with soybean oil holding a market share of 60 percent, unchanged from the previous year, while palm oil held a 27 percent market share, down one percent from a year earlier. Palm oil benefits from consumer concerns over trans-fats. Reportedly, locally refined soybean oil contains higher levels of trans-fats than oil refined in the United States and Japan. Technical trade servicing to address trans-fat content in locally crushed and refined soybean oil is highly recommended. New-to-market oils: olive, canola, corn, sunflower, and safflower oils had a combined nine percent market share, unchanged from a year earlier. Traditional Chinese oils: peanut, sesame and other oils had a combined 4 percent share, up one percentage from a year earlier. Reportedly, traditional tea seed oil pressed directly from roasted tea seeds is becoming popular but the supply is limited. Tea seed oil is recognized as the Chinese equivalent of olive oil with similar health benefits and oil characteristics. Despite post-WTO accession tariff reductions for new-to-market oils, soybean oil and palm oil are expected to retain their market leading positions because of their widespread use in the HRI and food processing sectors. In addition, the relatively high prices of new-to-market oils have prevented them from gaining market share, particularly in household use. Statistical Tables Table 1 - Pork Imports, Domestic Production and Wholesale Market Auction Price (calendar year basis) Year Pork Imports Domestic Pork Auction Price (1,000 metric tons) Production (NT$/100kg) (1,000 head Meat Offal slaughtered) (HS0203) (HS0206) 2006 18 23 9,625 4,918 2007 13 23 9,419 5,146 2008 29 27 8,727 6,566 6,343 2009 54 28 8,745 2010 44 29 8,575 6,899 2011 (prelim) 44 27 8,530 7,157 2012 44 27 8,600* 6,800* (forecast) Source: Council of Agriculture (COA) and Taiwan Customs Statistics Table 2 - Poultry Meat Imports, Domestic Production and Farm Prices Year Imports of Poultry Meat & Domestic Poultry Farm Price Products Production broiler (1,000 metric tons) (million birds (NT$/kg) HS-0207 slaughtered) 2006 105 390 33.71 2007 63 377 36.55 2008 82 353 43.52 2009 82 363 42.28 2010 115 362 41.85 2011 113 380 44.04 (prelim) 2012 115 340* 43.00 (forecast) Source: Council of Agriculture (COA) and Taiwan Customs Statistics Table 3 - Taiwan Feed Production for CY2008-2012 (1,000 Metric Tons) 2008 2012 2009 2010 2011 (Prelim) (Forecast) Total Feed 7,158 7,139 7,182 7,180 7,105 Hog Feed 3,179 3,169 3,160 3,100 3,170 Poultry Feed 3,228 3,189 3,313 3,370 3,225 Others 751 781 708 710 710 Source: Council of Agriculture (COA) Table 4 - Tariff Rates for Oilseeds and Edible Oils HS Code Seed/Oil Tariff pre-WTO accession Current Tariff 1201.00 Soybeans 0 0 1507 Soybean Oil 6 5 1513.21.10 & 1513.29.10 Palm Kernel Oil 1.25 0 1511 Palm Oil 2.5 0 1513.11 & 1513.19 Coconut Oil 3 0 1509 & (1510) Olive Oil 5 0 1205.00.10 Rapeseed 3.5 0 1514 Rapeseed (Canola) Oil 6 4 1515.21 & 1515.29 Corn Oil 7.5 5 1207.60.00 Safflower Seed 9 0 1512.11.20 & 1512.19.20 Safflower Oil 12.5 5 1206.00.00 Sunflower Seed 11 0 1512.11.10 & 1512.19.10 Sunflower Oil 15 5 Source: Taiwan Customs Tariff Schedule Table 5 - Oil Prices, CIF Taiwan, US$/Kg Type of Edible Oil MY 2007/08 MY 2008/09 MY 2009/10 MY 2010/11 $1.07 $0.72 $0.81 $1.13 Palm Oil (HS1511) $1.51 $0.94 $0.72 $1.25 Canola Oil (HS1514) $1.75 $1.06 $0.92 $1.40 Sunflower Oil, Crude (HS1512.1110) $1.11 $0.88 $1.34 $1.34 Soybean Oil, Crude (HS150710) Source: Taiwan Customs Table 6 - Net Oil Imports & Production, 1,000 MT Type of Edible Oil MY MY 2008/09 MY MY 2010/11 2007/08 2009/10 153.0 129.7 152.8 151.8 Palm Oil (HS1511) 10.7 9.8 10.4 10.4 Coconut Oil & Palm Kernel Oil (HS1513) 3.9 3.4 3.0 3.8 Olive Oil (HS1509) 18.2 19.0 19.4 34.8 Canola Oil (HS1514) 7.1 11.7 13.0 7.1 Sunflower Oil (HS1512) 10.8 7.7 2.3 -2.0 Corn and Other Veg. Oils (HS1515) 203.7 181.3 200.9 205.9 Total Non-Soy Imports 32 (net 0 -11 (net -3.0 (net Soybean Oil (HS1507) imports) (10.5/11.2) exports) exports)(imported Net Imports/exports (40/8) 5.1/exported 8.1) 287.0 308 338 345.0 Taiwan Soybean Oil (balance: (balance 342) Production 327) 6.7 6.8 7.8 7.8 Chinese traditional oil: Peanut Oil (Domestically crushed on CY) 5.2 8.4 14.2 14.2 Chinese traditional oil: Sesame Oil (domestically crushed on CY) 2.7 3.0 2.9 2.9 Other Veg. Oils (Domestically crushed on CY) 553 573 Consumption estimate or total supply Source: Taiwan Customs Statistics and Post estimates
Posted: 12 April 2012

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