News

In 2023/24, Ukraine exported and processed record volumes of rapeseed

Ukraine
Market & Price Trends
Published Apr 17, 2024

Tridge summary

In the fiscal year 2023/24, Ukraine experienced a notable surge in its agricultural exports, particularly in the rapeseed sector. The country exported a record 3.5 million tons of rapeseed and 400,000 tons of rapeseed oil, with total exports including processed products like oil and meal surpassing the actual production volume at 4.4 million tons. This unprecedented export volume was made possible by a historic high in rapeseed processing, which constituted 23.3% of the harvest. Major importers of Ukraine's rapeseed oil included China, the EU, Malaysia, and Singapore. The association 'Ukroliyaprom' pointed out a significant trend towards processing a broader range of oilseeds, such as sunflower, soybeans, and rapeseed, underscoring a strategic move towards adding value within Ukraine's oil and fat industry.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In FY 2023/24 (as of April 1), Ukraine exported 3.5 million tons of rapeseed (3.4 million tons in the same period of FY 2022/23) and almost 400,000 tons of rapeseed oil (84,000 tons in FY 2022/23) . So, in March, rapeseed exports decreased by 91,000 tons compared to February to 157,000 tons, which is 92,000 tons higher than in March 2023. Considering that usually the main volumes of rapeseed are exported in the first half of the season, the current supply rates are quite high. The ratio of official data on the production and export of rapeseed looks interesting. Rapeseed harvest in 2023 amounted to 4.1 million tons, and exports - 3.5 million tons. In addition, the export of rapeseed processed into oil and meal amounted to 900 thousand tons, so the total export of rapeseed reaches 4.4 million tons, which exceeds production. There can be two explanations for this: For the first time in history, rapeseed processing exceeded 1 million tons and accounted for 23.3% of the harvest, ...
Source: Graintrade
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