European Union Becomes a Net Importer of Rapeseed Oil

In the 2021/22 marketing year, less than 400,000 tonnes of rapeseed oil were exported from the territory of EU states. In their report, such data is provided by analysts from the Hamburg-based analysis agency OilWorld. Compared to the same period last season, exports of the product almost halved from 735,000 tonnes.

“Shipments of rapeseed oil from the EU in the second quarter of the season are estimated at only 60-70,000 tonnes, which is more than 200,000 tonnes less than the same period last year. In the third quarter, rapeseed oil exports will remain low due to the high prices and the low supply of non-GM oils in the EU,” the report says.

As far as the import of rapeseed oil is concerned, on the other hand, the figures here are rising. According to OilWorld experts, the European Union will become a net importer of this product of 100-120,000 tonnes.

“Oil deliveries to the EU in the second quarter of the season are higher than last year, but experts expect a significant decline in external purchases of products in the second half of the year against the backdrop of uncertainty regarding imports from Russia and Belarus,” analysts sum up.

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