China lifts Canadian canola restrictions
China has lifted restrictions on importing Canadian canola from Richardson and Viterra after the two Canadian grain giants spent three years in trade purgatory.
“This is a positive step forward, restoring full trade in canola with China and ensuring that all Canadian exporters are treated equally by the Chinese administration,” Canola Council of Canada president Jim Everson said in a news release.
“We will continue efforts to nurture and maintain a predictable, rules-based trade environment.”
Everson thanked federal agriculture minister Marie-Claude Bibeau, international trade minister Mary Ng and trade officials for their support in resolving the trade impasse.
China first implemented market access restrictions on March 6, 2019.
The restrictions were put in place following the arrest of Huawei executive Meng Wanzhou in December 2018.
Canadian canola sales to China plummeted to 1.54 million tonnes in 2019 from 4.87 million tonnes in 2018. They have since rebounded to 2.25 million tonnes in 2021.
In dollar terms, the seed exports fell from $2.8 billion in 2018 to $800 million in 2019, $1.4 billion in 2020 and $1.8 billion in 2021.
Read also
Palm oil prices are expected to continue rising after a short-term correction
Georgia reduced wheat imports in April
Brazilian soyabean oil exports jump 47% amid record crop and weak domestic demand
Zimbabwe plans new grain import levies to strengthen food security
Global vegetable oil production to hit record high again – USDA
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon