Ukrainian rapeseed oil enters the markets of China, EU, Malaysia, Singapore
13/08/2024 (Open for Business) - Rapeseed oil exports in July-June 2023-2024 marketing year (MY) reached a record high of more than 420,000 tons, Ukroliaprom association said.
“Ukrainian rapeseed oil is confidently entering the markets of China, EU, Malaysia, Singapore and other countries of the world. Positive dynamics is also observed for rapeseed meal,” the industry association said.
According to Ukroliaprom, for the first time in all years in Ukraine processed 1.0 million tons of rapeseed, which amounted to 22.3% of the harvest in 2023, and this despite the fact that rapeseed is considered mainly export-oriented raw materials.
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 significant increase in exports of high value-added products, namely oil and meal, confirms the association’s position on the need to create conditions for maximum processing of oilseeds at domestic facilities. Further development of the oil and fat industry of Ukraine is expected not so much in increasing the processing of sunflower seeds, but in such oilseeds as soybean and rapeseed, which are still considered as export-oriented. In this matter we hope for the support of the Ministry of Agrarian Policy and Ministry of Economy of Ukraine”, – emphasized the industry association.
Ukroliaprom stated that sunflower oil exports in January-June 2024 doubled compared to the same period in 2022 and 1.3 times in 2023. In the ten months of 2023-2024 MY, sunflower oil exports increased 1.2 times compared to the same period of 2022-2023 MY.