This was only partially successful, as citizens have protested price hikes. Ending stocks of palm oil are expected to be very low. Higher per capita incomes, improved diets, increased caloric consumption, and increased awareness of health issues are some of the factors responsible for the increase. Trade World vegetable oil trade is expected to increase by 0.2 Mt in 1997-98 to 28.4 Mt, slowing down after a decade of rapid expansion. Canada is expected to import about 50,000 tonnes in 1997-98.
China is the world's largest importer of vegetable oil, mostly soyoil and palm oil.
India is also a major vegetable oil importer, mostly palm oil. Since India and Pakistan are major importers of edible oil, the recent turmoil, and possible sanctions, created by nuclear testing in both India and Pakistan, will continue to have a negative impact on vegetable oil prices. Although difficult to accurately assess, preliminary estimates indicate that the Asian economic crisis has reduced trade and prices by 3 to 5 percent due to devaluation of the currencies and reduced real income. Prices The price of US soyoil is the market leader for world vegetable oil prices because of the large US production, efficient US infrastructure, and because of the price transparency and liquidity provided by the Chicago Board of Trade. However, due to the larger exports, palm oil is also important in determining world vegetable oil prices.