Australia exported 61.3 lakh tonnes of canola from October to September 2024: ABS

16-Nov-2024 09:39 AM

Australia exported 61.3 lakh tonnes of canola from October to September 2024: ABS
Australia's canola export performance in the 2023-24 period reflects strong demand and an expanding market for the crop.

Total Exports: Australia exported 61.3 lakh tonnes (6.13 million tonnes) of canola from October to September 2024. This is a slight increase from the previous year, where 60.2 lakh tonnes were exported.

Top Export Markets:
Japan remains the largest buyer of Australian canola, importing 13.3 lakh tonnes (1.33 million tonnes).
Germany imported 8.85 lakh tonnes.
Other notable markets include the UAE (7.68 lakh tonnes), Belgium (6.76 lakh tonnes), France (6.65 lakh tonnes), and Pakistan (6.65 lakh tonnes).
Crushing Growth: Australia's domestic crushing of canola also increased. According to GrainCorp, 5.4 lakh tonnes (540,000 tonnes) of canola were crushed by the end of September 2024, marking a record. This is a slight rise from the previous year's figure of 4.96 lakh tonnes.

Implications:
The steady growth in both exports and domestic crushing reflects a robust global demand for canola, particularly in Europe and Asia.
The increase in domestic crushing capacity may also indicate Australia's growing ability to process more canola locally, potentially leading to higher-value exports such as oil, rather than just bulk seed.