Global imports of rapeseed in 2022/23 MY reached a new record

According to Oil World (Germany), despite the seasonal decline in global imports of rapeseed and canola in April-June this year, the results are still sharply higher than last year (by 0.6 mln tons) and amount to 4.37 mln tons.

China was the largest importer of the oilseed in the period – 1.7 mln tonnes, compared to 0.3 mln tonnes in April-June a year earlier.

Thus, the total global imports of the oilseed in 2022/23 MY reached a new high of 18.5 mln tonnes (+ 3.1 mln tonnes compared to the previous season), of which China purchased a record 4.7 mln tonnes (+2.7 mln tonnes).

However, the experts forecast the slowdown of canola and rapeseed imports in 2023/24 MY due to the weakening of Chinese demand for rapeseed oil and high domestic stocks of both rapeseed and its products.

In addition, high prices for Canadian canola also hinder the active imports. It is worth noting that over the past two seasons, Canada supplied over 94% of the total imports by China. At the same time, shipments of Australian-origin canola were still blocked by non-tariff trade barriers.

Tags: rapeseed