Agroexport assessed the potential for exporting rapeseed oil from Russia

Published 2024년 10월 25일

Tridge summary

Russia is poised to increase its rapeseed oil exports in the upcoming agricultural year, according to Evgeny Zaitsev, Deputy Director of Agroexport. This is due to high rapeseed yield projections and trade tensions between China and Canada. China, a major consumer of rapeseed oil, is looking for alternative suppliers as it faces tension from Canada. Additionally, the decline in European rapeseed production and the growth in global consumption of sunflower and rapeseed oils are expected to boost Russia's exports. The demand for rapeseed oil is also rising due to its use in biodiesel production, a viable alternative fuel source.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russia has serious chances to increase rapeseed oil exports in the new agricultural year. This was stated by the Deputy Director of the Federal Center for the Development of Agricultural Exports (Agroexpert, owned by the Ministry of Agriculture) Evgeny Zaitsev at the conference "Russian Plant Growing. Autumn 2024", Agroexport reports. He named several prerequisites for this. One of them is a high rapeseed yield. According to forecasts of various analysts, by the end of the current year it should amount to 5.4 million tons, which is 1.4 million more than last year. Another factor is the trade tension between China and Canada, which are, respectively, large consumers and producers of this crop. Its causes were the introduction by the latter of the countries of a 100% duty on Chinese electric vehicles and the anti-dumping investigation by China itself against Canadian rapeseed. At the same time, for Russia, China is a target market for rapeseed oil supplies. Zaitsev also said that ...

Source: Rosng