2018/19 global rapeseed oil production to increase to 26.3 million tons
According to the experts' forecasts, the world production of rapeseed oil in October/September 2018/19 may hit a maximum point of 26.3 million tons in the last four years, which is also 0.5 million tons more than in the previous season. This is primarily due to the growth of production in China.
This is reported by APK-Inform.
In particular, it is forecasted that China will increase the production of rapeseed oil to 4.15 million tons in 2018/19, which is 13% higher than the expected figure for the current season (3.6 million tons).
Besides, the rapeseed oil production is expected to increase in:
- Canada – to 4.12 (4.11) million tons;
- US – to 0.8 (0.7) million tons;
- Russia – to 0.56 (0.48) million tons.
At the same time, the analysts foresee an increased demand for biofuel products, particularly in the EU, Canada and the USA, and the growing demand for rapeseed oil in the food and livestock industries.
Experts point out that the volume of world exports of rapeseed oil in 2018/19 may slightly decrease to 4.7 million tons against 4.72 million tons expected in 2017/18, whereas the global reserves may slightly increase by 2.2%, to 3.45 million tons, compared with 3.37 million tons in 2017/18.
At the same time, this indicator is expected to drop to 508 thousand tons (-4% per year) in the EU and 284 thousand tons (-5% per year) in India.
Reference: in July/May 2017/18, the level of rapeseed oil production in Ukraine is 22.4% higher than last year and amounts to 81.4 thousand tons against 66.5 thousand tons a year earlier.