MarketsFarm – China has done most of the heavy lifting when it comes to Canadian canola exports through the first three months of the 2023/24 marketing year (Aug/Jul), according to the latest international trade data released Dec. 6.
Statistics Canada reported canola exports through October at 1.566 million tonnes, with China accounting for 64 per cent of the total (1.006 million tonnes). Japan and Mexico followed at 273,300 tonnes and 196,900 tonnes respectively.
China was also the largest destination at the same time the previous marketing year, but only accounted for 46 per cent of the total. Japan and Mexico were still number two and three this year, but several other countries who were also major buyers in 2022/23 have not yet shown up in the current crop year data.
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Pakistan and Bangladesh have both not bought any Canadian canola in 2023/24, after accounting for just over 110,000 tonnes combined at the same time a year ago. The United Arab Emirates have cut their purchases by 33 per cent (37,400 tonnes) and the 19,200 tonnes shipped to the United States was down by 58 per cent.
European purchases are also down considerably, with only 30,700 tonnes to Belgium on the books so far and none to Germany or France. Exports to Belgium are up slightly from the 23,400 tonnes seen a year ago, but Germany and France had accounted for an additional 76,000 tonnes through three months in 2022/23.
China may be buying more canola this year, but their Canadian wheat imports (not including durum) as of October were roughly half of the 2022/23 level at the same time. China has imported 541,400 tonnes of Canadian wheat through three months, which compares to just over a million tonnes at the same point the previous year. While the Chinese business is down, other countries have picked up the slack, with total Canadian wheat exports through October of 5.453 million tonnes running 13 per cent ahead of the year ago pace.
Canada has exported 522,100 tonnes of non-durum wheat to the U.S. through October (up 74 per cent), 509,200 tonnes to Indonesia (up 143 per cent) and 495,500 tonnes to Japan (up 16 per cent).
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
