Oil imports to the EU will decrease in 2024/25 MR: demand is shifting towards oil crops

Published Dec 4, 2024

Tridge summary

The European Union is experiencing a notable shift in trade patterns, with a 21% decrease in oil imports and an 8% increase in oilseed imports for the 2024/25 fiscal year. This change is marked by a significant drop in soybean oil imports, offset by higher imports of soybeans and soybean meal, as the EU prepares for the European Union Deforestation Regulation (EUDR) set for December 2024. However, the EUDR's implementation may be delayed to December 2025 due to compliance concerns from global partners and stakeholders. Additionally, new duties on Russian and Belarusian oilseeds are expected to impact rapeseed oil imports. The EU remains the largest importer of soybean meal and the second-largest buyer of soybeans globally.

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

Original content

Demand for oil in the EU has fallen significantly, with imports down 21% year-on-year in the 2024/25 FY (July-June) as of November 24, according to data from the European Commission. On the contrary, the growth of imports of oilseeds into the bloc indicates a change in the EU's trade preferences. This is stated in the material of S&P Global Platts, reports UkrAgroConsult. Soybean oil imports to the EU fell by 66% year-on-year, while rapeseed and sunflower oil imports fell by 50% and 19% respectively. Palm oil imports fell by 18% year-on-year, The reduction in soybean oil imports was offset by an increase in soybean and soybean meal imports, with oil imports being replaced by canola and sunflower seeds. The EU is a "traditional net exporter of soybean oil", so the decrease in its imports will not affect it, according to the EC. In addition, soybean imports this year are 7% higher than in the same period last year. "As these soybeans will be crushed, they will yield additional ...

Source: Agroconf