Ukraine Sets New Records in Rapeseed Exports
In the fiscal year 2023/24, Ukraine significantly increased its rapeseed exports to 3.5 million tons, up slightly from 3.4 million tons in the previous year. Additionally, the country exported nearly 400,000 tons of rapeseed oil, marking a substantial rise from just 84,000 tons last year.
Monthly Trends and Overall Production Analysis
March saw a decrease in rapeseed exports by 91,000 tons to 157,000 tons, though this was still 92,000 tons higher than March of the previous year. Typically, the bulk of rapeseed exports occurs in the first half of the season, making the current figures exceptionally high.
Exploring Discrepancies Between Production and Exports
The rapeseed harvest in 2023 was officially reported at 4.1 million tons, with exports of the raw product at 3.5 million tons. When including processed products like oil and meal, total exports amounted to 4.4 million tons, surpassing the actual harvest volume.
This export surplus could be due to underreported harvest figures or substantial carryover stocks from previous seasons, which is unusual given the low export numbers at the end of FY 2022/23.
2023 marked the first year that rapeseed processing exceeded 1 million tons, accounting for 23.3% of the harvest. Rapeseed oil exports reached a record 400,000 tons, with major buyers including China, the EU, Malaysia, and Singapore. This season also saw an increase in the export of rapeseed meal.
Future Outlook in Agro-Processing
Ukroliyaprom experts predict that soybean oil and meal production and exports will rise, especially in the first quarter of 2024. They highlight a strategic shift in Ukraine’s agricultural policy to increase processing of traditionally export-oriented crops like sunflower, soybeans, and rapeseed.