The EU significantly reduced purchases of essential vegetable oils: Analytics for July-September 2024

In the period from July 1 to September 15, 2024, the countries of the European Union reduced the import of all major vegetable oils, compared to the same period last season. According to analysts of the European Commission, this reduction covered all major categories of oils.

Purchases of soybean oil decreased especially sharply, falling by 69% — from 190.3 thousand tons to 58.4 thousand tons. Also important is the significant reduction in the import of rapeseed oil by 56%, which decreased from 123.8 thousand tons to 54.7 thousand tons.

As for other types of oils, the import of palm oil decreased by 38%, from 879.3 thousand tons to 539.6 thousand tons. Purchases of sunflower oil also decreased by 37%, from 539.9 thousand tons to 339.2 thousand tons.

In addition, according to analysts' estimates, in the current season, EU countries reduced the import of oil crops by 21%, to 13.83 million tons, and also reduced the import of meal by 6%, to 13.8 million tons.

However, despite the general reduction in purchases, an increase in the import of certain oil crops was recorded in the specified period. In particular, the import of soybeans increased from 2.61 million tons to 2.62 million tons, rape — from 770 thousand tons to 1.05 million tons, and sunflower — from 50.3 thousand tons to 85.9 thousand tons.

These trends indicate a review of procurement strategies in the European Union and possible changes in demand for different types of vegetable oils in the future.