Ukraine exported record 420,000 tonnes of rapeseed oil in 2023/2024 season - association

MOSCOW. July 15 (Interfax) - Ukraine exported a record 420,000 tonnes of rapeseed oil in the 2023/2024 agricultural year (July-June), Ukrainian media reported, quoting the Ukroliyaprom association.

"Rapeseed oil exports in the 2023/2024 season reached a record high of more than 420,000 tonnes. Ukrainian rapeseed oil is gaining a firm foothold in the markets of China, EU countries, Malaysia, Singapore and other countries. Positive trends are also being seen for rapeseed meal," the association said.

This season, "for the first time ever, 1 million tonnes of rapeseed were processed in Ukraine (22.3% of the 2023 harvest), and this despite the fact that rapeseed is considered primarily to be an agricultural export commodity," it said.

"Higher internal processing of rapeseed and soybean seeds, as well as a significant increase in exports of high added value products oil and meal, underlines the association's stance on the need to put the conditions in place to process as much oilseed as possible at the country's own facilities. We see further development of the fat and oil industry in Ukraine as increasing processing not so much of sunflower seeds as of oilseeds such as soybeans and rapeseeds, which are still treated as an export commodity. We are counting on support from the agrarian policy and economy ministries in this matter," the association said.

It also mentioned continued growth in the export of soybean oil and meal, "and, accordingly, their production and processing, especially in January-June 2024," as well as a significant increase in exports of sunflower oil, including a 1.3-fold increase in January-June 2024 against the corresponding period in 2023 and 1.2-fold for ten months of the 2023/2024 agricultural year.

"Regarding production of oilseeds in the 2024/2025 agricultural year, there are various forecasts from oilseed market participants, with the majority expecting an increase in the production of soybeans and a decrease in production of rapeseed. Production of sunflower seeds and oilseeds in general will practically correspond to the level of 2023/2024. However, abnormal heat is capable adjusting all forecasts significantly," the association said.