Processing of rapeseed, soybean, export of oils from them reach all-time highs in 2023-2024 MY - Ukroliaprom

MOSCOW. Aug 12 (Interfax) - Rapeseed oil exports reached a record high of over 420,000 tonnes in the marketing year (MY) from July 2023 to June 2024, the Ukroliaprom association said.

"Ukrainian rapeseed oil is confidently entering the markets of China, the European Union, Malaysia, Singapore and other countries. Positive dynamics is also seen for rapeseed meal," Ukrainian media reported, quoting the industry association as saying.

Ukraine first processed 1.0 million tonnes of rapeseed, which accounted for 22.3% of the 2023 harvest, despite the fact that rapeseed is considered a predominantly export-oriented raw material, it said.

In addition, exports of soybean oil and meal, and their production and processing accordingly, continue to grow, especially in January-June 2024.

"The growth of domestic processing of seeds and soybeans, as well as a marked increase in exports of high value-added products, namely oil and meal, confirms the association's stance on the need to create conditions for maximum processing of oilseeds at domestic facilities. Further development of the Ukrainian oil and fats industry is expected not so much in increasing the processing of sunflower seeds, but in such oilseeds as soybean and rapeseed, which are still regarded as export-oriented. In this matter we hope for the support of the Ukrainian Agrarian Policy Ministry and the Ministry of Economy," it said.

Ukroliaprom said that sunflower oil exports in January-June 2024 doubled compared to the same period in 2022 and increased 1.3-fold in 2023. In the ten months of 2023-2024 MY, sunflower oil exports rose 1.2-fold compared to the same period of 2022-2023 MY.