Canola oil exports from Canada to EU increased in 2020
Canada exported more canola oil in 2020 than in previous years. As usual, the largest volumes went to the U.S. and China, but the EU-27 also reappeared as a buyer.
Canadian canola oil exports reached nearly 3.4 million metric tons in calendar year 2020. This translates to an increase of 7 percent on the previous year and no less than 13 percent compared to the five-year average. The main reason for this growth was rising demand from Chinese importers with demand surging 26 percent to 1.1 million tons compared to 2019. China’s demand, however, fell 5 percent short of the level seen in 2018. The U.S. bought a smaller volume than the previous year but remained the no. 1 recipient country with imports amounting to 1.7 million tons. South Korea, Chile and Mexico were other important purchasers.
At 48,200 tons, the European Community ranked the sixth most important destination. This is remarkable, because the EU had not purchased a single ton of canola oil from Canada in the previous two years. According to Agrarmarkt Informations-Gesellschaft (mbH), the small rapeseed harvest in the EU-27 pushed up interest in buying feedstock and byproducts from non-EU countries. At the same time, attractive world market prices likely motivated Canadian canola oil suppliers to export the commodity.