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

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:

• the actual rape harvest in 2023 significantly exceeded official data,
• Ukraine had large stocks of old-crop canola (which seems strange, given the low export figures at the end of FY2022/23).

For the first time in history, rapeseed processing exceeded 1 million tons and accounted for 23.3% of the harvest, although this crop is an important export raw material, reports the association "Ukroliyaprom".

The export of rapeseed oil in 2023/24 MR also reached a record 400,000 tons, the main buyers of which were China, the EU, Malaysia, Singapore and other countries. Also, in the current season, Ukraine increased its export of rapeseed meal.

Ukroliyaprom experts believe that production and export volumes of soybean oil and meal will also increase, especially in the 1st quarter of 2024.

"The development of the oil and fat industry of Ukraine involves increasing the processing of not only sunflower, but also soybeans and rapeseed, which until now were considered export-oriented crops," the association notes.