In 2023, Russia recorded a significant milestone in rapeseed oil exports, reaching 1.7 million tons. This impressive number represents an increase of 72% compared to the previous year, as highlighted by the Russian Ministry of Agriculture. This expansion in exports reflects robust growth in global demand, especially from China, which has become the main destination for this commodity. Chinese purchases more than doubled, reaching 1.46 million tons.
While Europe has always been a traditional importer of Russian rapeseed oil, the continent's share of total exports is declining. This suggests a change in trade patterns, with Russia diversifying its export markets.
A crucial factor behind this increase is the record production volume in Russia. According to Mikhail Maltsev, executive director of the Russian Oil and Fat Union, the country produced around 1.5 million tons in the 2022/23 season, a jump of 75% compared to the previous season. Almost all of this volume was destined for export, highlighting Russia's orientation towards foreign markets.
Projections for 2023/24 indicate a production of 1.4 million tons of oil of rapeseed. With relatively low domestic consumption of less than 50,000 tonnes annually, Russia plans to continue to focus on international trade. This plan to export the majority of production emphasizes the country's strategic position in the global rapeseed oil market. With these actions, Russia is not only strengthening its agricultural economy, but also consolidating itself as an important player in the international trade of agricultural commodities.
Source: datagro
