Australia exported more than 375,000 tons of canola in August

Australia shipped 375,480 tons of canola for export in August, according to the Australian Bureau of Statistics, as reported by Grain Central. That number was down slightly from the 386,000 tons shipped in July, but remains above the 358,000 tons exported last August. The data underscores Australia’s strong performance in canola exports, which ended a record year on Sept. 30, 2023, with total shipments of 6 million tons.

Japan was the top destination for Australian canola in August 2024, importing 120,129 tons. The United Arab Emirates (UAE) ranked second with 90,732 tons and Pakistan imported 65,038 tons, making these three countries the largest markets for Australian canola shipments during the month.

A key development affecting Australian canola exports was the recent announcement of the Comprehensive Economic Partnership Agreement (CEPA) between Australia and the UAE. This agreement will eliminate the 5 percent tariff on Australian canola exports to the UAE. The elimination of this tariff is expected to strengthen Australia’s competitiveness in the UAE market.

The announcement emphasizes that the UAE is a key player in the global canola market because of its price sensitivity. The country typically imports around 800,000 tons of canola per year, a figure that could increase if China imposes a ban on Canadian canola imports, potentially increasing demand for Australian canola. Meanwhile, the UAE is expected to process canola into oil and meal, which it will then re-export to China, a key buyer in the region.

The canola harvest has already begun in Western Australia. The region is forecast to produce 2.2 million tons of canola this season, 300,000 tons less than in 2023-2024. This estimate was provided by the Grain Industry Association of Western Australia (GIWA) in its September forecast. Despite this reduction, Western Australia remains a major contributor to the country’s total canola production, underscoring its importance to the national export market.

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Tags: Australia, export, rapeseed