China is expected to surpass India as the No 1 importer of vegetable oils in the world, partially due to high soybean prices on international markets, according to a Reuters report. The report said oils traders expected China to purchase as much as 5.5 billion tons of palm and soy oil in 2004. India is expected to import 4.5 million tons. China is trimming its soy imports as soy futures at the Chicago Board of Trade are at their highest levels since 1988. Chinese consumers are also moving to lower priced oils such as palm oil, traders said.