EU vegetable oil imports decline in MY 2024-25 as demand shifts to oilseeds

Published 2024년 12월 4일

Tridge summary

The European Union's vegetable oil demand has seen a significant decline in the marketing year 2024-25, with imports falling 21% as more countries shift their trade preferences towards oilseeds. Specifically, imports of soybean oil have decreased by 66%, rapeseed oil by 50%, and sunflower oil by 19%. This decrease in soybean oil imports has been compensated by increased imports of soybeans and soybean meal. The EU's total oilseed imports have risen by 8% compared to the previous year. Additional duties on oilseeds from Russia and Belarus have also impacted EU trade. Uncertainty around the implementation of anti-deforestation rules (EUDR) has led to changes in trade preferences, with European stakeholders increasing soybean and soy meal imports in anticipation of potential issues with the EUDR. The EC has proposed a delay in the implementation of the EUDR by a year to allow trading partners more time to prepare.

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

Original content

EU vegetable oil demand experienced a significant decline, with imports falling 21% on the year in the marketing year 2024-25 (July-June) as of Nov. 24, according to data from the European Commission. In contrast, a rise in oilseed imports into the bloc indicates a shift in EU trade preferences. EU soybean oil imports fell 66% year on year while there is a 50% and 19% decrease in rapeseed oil and sunflower oil imports, respectively. Palm oil imports dropped 18% on the year, A decline in soybean oil imports was compensated by increasing soybeans and soybean meal imports, while rapeseeds and sunflower seeds were seen substituting their oil imports. The EU is a “traditional net exporter of soybean oil,” so a decline in its imports will not affect much, according to the EC. In addition, soybean imports are 7% higher this year compared with the same period last year. “As these soya beans are crushed, they will provide additional volumes of soya oil,” the EC said. The same applies to ...

Source: UkrAgroConsult