Ukraine exported and processed record volumes of rapeseed in 2023/24 MY

In 2023/24 MY (as of April 1), Ukraine exported 3.5 mln tonnes of rapeseed (3.4 mln tonnes in the same period of 2022/23 MY) and almost 400 thsd tonnes of rapeseed oil (84 thsd tonnes in 2022/23 MY).

Thus, in March, the exports of rapeseed decreased by 91 thsd tonnes to 157 thsd tonnes compared to February, which is 92 thsd tonnes higher than in March 2023. Taking into account that usually the main volumes of rapeseed are exported in the first half of the season, the current pace of supplies is quite high.

The ratio of official data on rapeseed production and exports looks interesting. In 2023, the rapeseed harvest amounted to 4.1 mln tons, and exports – 3.5 mln tons. In addition, exports of rapeseed processed into oil and meal amounted to 900 thousand tons, so the total exports of rapeseed reached 4.4 million tons, which exceeds production.

There are two explanations for this:

• the actual rapeseed harvest in 2023 was much higher than the official data,
• Ukraine had large stocks of old-crop rapeseed (which looks strange, given the low exports at the end of 2022/23 MY).

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

Exports of rapeseed oil in 2023/24 MY also reached a record 400 thsd tonnes, with China, EU, Malaysia, Singapore and other countries as the main buyers. Also, Ukraine increased the export of rapeseed meal in the current season.

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

“The development of the oil and fat industry in Ukraine involves increasing the processing of not only sunflower, but also soybeans and rapeseed, which have been considered export-oriented crops until now,” the association said.

Tags: Ukraine, rapeseed