EU reduced imports of vegetable oils by 19%

From the beginning of the current season (July 1, 2024) to December 15, EU countries imported 22.1 million tons of oilseeds, up 12% from last year’s values, and reduced oil imports by almost a quarter, according to the European Commission’s website.

Soybean imports reached 6.3 million tons, adding 16% to last year’s figures, rapeseed imports added 3% and amounted to 2.7 million tons, sunseed imported 5% more – 310 thousand tons. Soybean supplies to the EU come mainly from the USA (2767.7 thousand tons) and Brazil (2470.0 thousand tons). The main suppliers of rapeseed are Ukraine (1905.2 thousand tons) and Australia (536.5 thousand tons). Sunseed is imported mainly from Moldova (193.1 thousand tons).

Oil supplies decreased by 19%. Soybean oil was purchased by 64% less – 111 thousand tons, rapeseed oil – by 52% less – 114 thousand tons, sunflower oil purchases decreased by 16% – 927 thousand tons, the volume of the most actively purchased palm oil also decreased by 16% and amounted to 1 million 422 thousand tons.

Shipments of meal added 20%. Soybean meal was exported by 32% more, purchases of rapeseed meal, on the contrary, decreased by 56% to 213 thousand tons. Sunflower meal was purchased 16% less – 1 million 39 thousand tons. The EU imports most of its sunflower meal from Ukraine and Russia, while rapeseed meal is imported from Russia and Belarus.

Earlier, the EU imposed barrier duties on exports of oilseeds and oilseed products from Russia and Belarus; the tax rate can reach 95 euros per ton depending on the specific product.

Tags: sunflower oil, EU, palm oil, rapeseed oil