Export of rapeseed oil this year in Russia could be a record

Published 2022년 12월 14일

Tridge summary

Russia is set to achieve a record rapeseed oil export volume of 950 thousand tons in 2022, a significant increase from 802.5 thousand tons in 2021, largely due to growing export demand, particularly from China. The country's production of rapeseed oil and cake is expected to surpass 1 million tons and 1.4 million tons, respectively, marking increases of 38% and 75% from the previous year. Despite low domestic consumption, Russia plans to continue processing and exporting rapeseed oil, with China, Latvia, and Norway being the main importers. The growth in exports is attributed to factors such as high global demand, export duties on raw materials, and increased rapeseed harvest.

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Original content

Despite logistical difficulties due to sanctions against Russia, this year exporters expect a record volume of rapeseed oil supplies to foreign markets - 950 thousand tons against 802.5 thousand tons in 2021. Now Russia ranks third in the ranking of world exporters of this oil after Canada and Germany. According to the forecast of the Oil and Fat Union, in 2022 Russia will produce more than 1 million tons of rapeseed oil and about 1.4 million rapeseed cake, which is 38% and 75% more than in 2021, Actual Agrosystems writes. The main driver of the increase in production volumes is the growing export demand every year. China remains the largest importer of domestic rapeseed oil, accounting for more than 50% of supplies this year. On the second and third places Latvia and Norway. At the same time, rapeseed oil is not very popular in Russia, and its consumption in the domestic market is insignificant: over the past three years, it has remained stable and amounts to about 50 thousand ...

Source: Zol