Australia exported more than 375,000 tons of canola in August

In August 2024, Australia's canola exports reached 375,480 tons, slightly less than July but surpassing the previous year's August figures, contributing to a record 6 million tons shipped by September 2023. Japan, the UAE, and Pakistan were the primary importers. A new trade agreement with the UAE will remove a 5% tariff on Australian canola, boosting its market competitiveness, especially if China restricts Canadian canola imports. Despite a predicted production drop, Western Australia remains a vital canola producer. The article also highlights UkrAgroConsult's AgriSupp platform for grain and oilseed market insights.

Australia shipped 375,480 tons of canola for export in August, according to the Australian Bureau of Statistics, as reported by Grain Central. That number was down slightly from the 386,000 tons shipped in July, but remains above the 358,000 tons exported last August. The data underscores Australia’s strong performance in canola exports, which ended a record year on Sept. 30, 2023, with total shipments of 6 million tons. Japan was the top destination for Australian canola in August 2024, importing 120,129 tons. The United Arab Emirates (UAE) ranked second with 90,732 tons and Pakistan imported 65,038 tons, making these three countries the largest markets for Australian canola shipments during the month. A key development affecting Australian canola exports was the recent announcement of the Comprehensive Economic Partnership Agreement (CEPA) between Australia and the UAE. This agreement will eliminate the 5 percent tariff on Australian canola exports to the UAE. The elimination of ...