According to data published by Oilworld.ru on Tuesday, referencing a European Commission report, vegetable oil imports into the European Union have decreased significantly in the 2024/25 season compared to last year. What factors are driving these changes, and how are they affecting global markets?

Soybean Imports Rise Slightly, Rapeseed and Sunflower Surge

As of September 15, the EU’s soybean imports for the 2024/25 season, which began in July, reached 2.62 million tons. This is only a slight increase compared to 2.61 million tons during the same period last year.

Rapeseed imports, however, saw a much more dramatic increase, rising by 37% to 1.05 million tons, compared to 0.77 million tons last year. Similarly, sunflower seed imports surged by 71%, reaching 85.9 thousand tons, up from 50.3 thousand tons.

Vegetable Oil Imports Decline Across the Board

While seed imports have risen, the EU’s imports of vegetable oils have seen sharp declines:

• Soybean Oil: Imports dropped by 69%, falling to 58.4 thousand tons, down from 190.3 thousand tons the previous year.
• Sunflower Oil: Imported volumes were down by 37%, reaching 339.2 thousand tons, compared to 539.9 thousand tons last year.
• Rapeseed Oil: Imports decreased by 56%, totaling 54.7 thousand tons, down from 123.8 thousand tons.
• Palm Oil: The most significant decline was seen in palm oil, where imports dropped by 38%, reaching 539.6 thousand tons, compared to 879.3 thousand tons last year.

The EU’s significant reduction in vegetable oil imports this season signals a shift in global trade dynamics. While imports of rapeseed and sunflower seeds have surged, the sharp decline in vegetable oil imports, especially for soybean and palm oil, suggests a changing demand structure within the EU. This may be driven by a combination of factors, including shifts towards more sustainable energy sources, changing dietary trends, and fluctuations in global supply chains. As the 2024/25 season progresses, it will be important to monitor whether these trends continue or if we see further adjustments in the market.

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