Canola exports from Australia fell by 40 percent in June

12-Aug-2024 12:24 PM

Melbourne. Official data shows that Australia exported 6.48 lakh tonnes of canola in April, which jumped to 7.42 lakh tonnes in May and then fell by 40 percent to 4.47 lakh tonnes in June.

Thus, a total of about 18.37 lakh tonnes of canola was exported from there in the April-June 2024 quarter.

During the quarter under review, 3.68 lakh tonnes of canola was shipped from Australia to Belgium, 1.15 lakh tonnes to France, 3.13 lakh tonnes to Germany, 3.77 lakh tonnes to Japan, 1.76 lakh tonnes to Mexico,

2.17 lakh tonnes to Pakistan and 1.52 lakh tonnes to the United Arab Emirates. Apart from this, it was also exported to many other countries but its quantity was less there.

This includes Bangladesh, Nepal, Malaysia and New Zealand etc. Most of the canola from Australia is exported to the member countries of the European Union.

According to trade analysts, due to good crop conditions in Canada, the demand for Australian canola in importing countries has started weakening.

With the improvement in weather conditions in Canada, the total production of canola is expected to reach a little above 200 lakh tonnes during the 2024-25 season,

which may give it an opportunity to export up to 90 lakh tonnes. Due to better production, the price of canola is likely to soften.

The arrival of its new crop is going to start soon and major importing countries are waiting for it. Canadian exporters have already contracted for shipment of more than 2 lakh tonnes of canola to Europe.