Russia reduced rapeseed oil exports to China by 1.5 times in January-August

Published 2024년 9월 24일

Tridge summary

From January to August, China's import of rapeseed oil from Russia decreased by 44.9% to $661.5 million, but still made Russia the largest supplier to the Chinese market. UAE and Belarus were the next biggest exporters. Despite the decline, rapeseed oil was 17% of Russia's agricultural exports to China in 2023, which saw a 44.1% increase to $8.8 billion. The area under rapeseed cultivation in Russia increased by 29.3% to 2.726 million hectares, and the harvest is expected to reach a record 5 million tons. The Oil and Fat Union predicts rapeseed oil production to be 1.4 million tons, all of which is planned to be exported as Russia's domestic consumption is only 50 thousand tons per year.

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Original content

Moscow. September 24. INTERFAX.RU - In January-August, China imported rapeseed oil from Russia for $661.5 million, which is 1.5 times less than in the same period last year ($1.003 billion), according to the State Customs Administration (SCA) of China. But despite the decline, Russia, like a year ago, remained the largest supplier of this oil to the Chinese market. The second exporter is the UAE with $185.9 million. Shipments of rapeseed oil from Belarus amounted to $152 million. In total, 21 countries supplied rapeseed oil to China this year. As reported, rapeseed oil is one of the largest items of Russian agricultural exports to China. In 2023, it accounted for 17% of deliveries (in value terms). In total, exports of Russian agricultural products to China in 2023 increased by 44.1%, to $8.8 billion. According to Rosstat, this year the area under rapeseed in the Russian Federation increased by 29.3%, to 2.726 million hectares. According to experts, its harvest may break another ...

Source: Interfax