China: The first batch of Russian linseed oil produced on the terms of bonded processing was shipped from the customs zone

Published 2023년 4월 18일

Tridge summary

The article highlights the success of the first export of 1,270 tons of Russian cold-pressed linseed oil from Ningxia, China, to the Yinchuan Comprehensive Free Trade Zone. This achievement signifies the completion of the business model for flax seed processing in the zone, potentially saving operating costs and providing new momentum for the development of Ningxia's grain and oil processing industry. The region, a major producer and consumer of linseed oil, faces challenges with domestic flax seed production and relies on imports. The Yinchuan Comprehensive Free Trade Zone, supported by the Belt and Road initiative, is facilitating the import of flax seeds and improving trade channels, contributing to the sustainable and healthy development of flax seed processing enterprises in the area.

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Original content

On April 7, the first batch of 1,270 tons of Russian cold-pressed linseed oil in Ningxia was successfully declared for export to the Yinchuan Comprehensive Free Trade Zone. This means that the business model of the Yinchuan Comprehensive Free Trade Zone flax seed processing project from entering the zone to processing into semi-finished products and then exporting from the zone has been fully completed, giving new kinetic energy to the high-quality development of Ningxia grain and oil processing industry. Ningxia (Ningxia Hui Autonomous Region, China, approx. oilworld.ru) is the main area for the production and processing of linseed oil in China, as well as the main area for consumption of linseed oil, but there is still a problem that domestic seed production flax cannot meet the needs of enterprises in the markets of production, processing and consumption. “In the past, the flaxseed we imported was mostly purchased by domestic traders or cleared through customs at the port of ...

Source: Oilworld