China joined top three buyers of rapeseed oil at BUCE

According to the results of the first three months of 2022, China is ranked third in terms of rapeseed oil purchases at the Belarusian Universal Commodity Exchange (BUCE) – as reported by BUCE’s press service

This became possible due to the expansion of the circle of Chinese buyers and the increase in the number of transactions made by them. Compared to the first quarter of 2021, rapeseed oil sales to China increased by 67 percent to reach $2.2m. At the same time, due to the favourable situation in the world market and high level of competition during exchange trading, export quotations for Belarusian rapeseed oil show an upward trend.

“Despite the difficult conditions for concluding export transactions, rapeseed oil is still one of the most sought-after agricultural products among foreign buyers. This is testified by the growth in physical volumes of sales, as well as rather high level of prices based on the results of exchange trading: up to 1,230 Euros per tonne of crude product. Earlier, the lion’s share of rapeseed oil was supplied to the EU states while now the priorities of domestic exporters are shifting towards Asian countries, primarily China,” notes the press service.

The task of expanding the circle of potential buyers on the exchange is successfully solved. In the last two months alone, ten new Chinese companies have been accredited at BUCE, with many of them specifically for buying oilseed processing products.

Since the beginning of the year, 9,600 tonnes of rapeseed oil – worth $13.2m – have been exported through BUCE. The main sales markets are the Baltic States, Switzerland and China.