Ukraine exported a record 420 thsd tons of rapeseed oil for 11 months of MY 2023/24

The export of rapeseed oil in July-June of 2023/24 MY reached the record level of over 420 thsd tonnes. This is stated in the message of the association “Ukroliyaprom”.

Ukrainian rapeseed oil is confidently entering the markets of China, EU, Malaysia, Singapore and other countries. Positive dynamics is also observed in rapeseed meal.

The association also added that for the first time in all years, Ukraine processed 1.0 mln tons of rapeseed (22.3% of the 2023 harvest), despite the fact that rapeseed is considered to be mainly an export-oriented raw material.

Exports of soybean oil and meal, as well as their production and processing, continue to grow, especially in January-June 2024.

“The growth of domestic processing of rapeseed and soybean seeds, as well as a significant increase in exports of high value-added products, namely oil and meal, confirms the EBA’s position on the need to create conditions for maximum processing of oilseeds at domestic facilities. Further development of the oil and fat industry of Ukraine is envisaged not so much in increasing the processing of sunflower seeds as in such oilseeds as soybeans and rapeseed, which are still considered export-oriented. In this regard, we hope for the support of the Ministry of Agrarian Policy and the Ministry of Economy of Ukraine,” Ukroliyaprom said.

Exports of sunflower oil increased significantly. In January-June 2024, the exports of sunflower oil increased by 2 times compared to the same period of 2022; in 2023 – by 1.3 times.

For ten months of 2023/24 MY, the export of sunflower oil increased by almost 1.2 times compared to the export of the corresponding period of 2022/23 MY, the Association noted.

As a reminder, the processors assume that the prices for sunflower oil may rise to 23 thsd UAH/t.

Tags: rapeseed, rapeseed meal, export