In the period from April to June this year, the volume of global imports of rapeseed is estimated at 4.37 million tons, which is 0.6 million tons higher than in the same months last year. Such data were announced by specialists of Hamburg analytical agency OilWorld (Germany) in their report.
According to their estimates, demand for oilseeds in the second quarter rose sharply in China – from 0.3 million tons (April-June 2022) to 1.7 million tons.
Overall, since the beginning of the 2022/23 season, global imports have reached a new high of 18.5 million tons (+3.1 million tons vs. MY 2021/22), including a record 4.7 million tons (+2.7 million tons) purchased by the Celestial Empire.
However, experts expect a gradual reduction in demand for rapeseed in the new agricultural year, including against the background of high market congestion in the PRC.
“In addition, active imports are also hindered by the current high prices for Canadian canola,” the German agency explained. – Note that over the past two seasons, Canada has supplied more than 94% of China’s total oilseed imports, while shipments of Australian-origin canola were still blocked by non-tariff trade barriers.”