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FINMARKET.RU – In January-July of the current year, China reduced its import of rapeseed oil from Russia by 33% compared to the same period last year, from $887.372 million to $594.091 million, according to the report of the State Customs Administration of China.
Nevertheless, Russia remains the largest supplier of this oil to the Chinese market, maintaining its position compared to the previous year. The UAE is in second place, with exports amounting to $161.1 million compared to $172.7 million in the previous seven months.
In total, China purchased rapeseed oil from 20 different countries this year, compared to 22 the year before.
Rapeseed oil is a significant part of agricultural exports from Russia to China. In 2023, the share of rapeseed oil accounted for 17% of the total export value to China. The overall volume of agricultural exports from Russia to China increased by 44.1%, reaching $8.8 billion.
According to Rosstat data, this year the area under rapeseed cultivation in Russia increased by 29.3% to 2.726 million hectares. The analytical department forecast of "Rusagrotrans" shows that the harvest could set a new record and reach 5 million tons, 0.8 million tons more than in 2023.
The Oil and Fat Union forecasts rapeseed oil production at 1.4 million tons in the current season, according to the "Agroexport" center at the Ministry of Agriculture. At the same time, the domestic demand for rapeseed oil is no more than 50,000 tons per year, with all the remaining volume planned for export.
