China increases procurement of Australian canola amid trade disputes with Canada
Reuters cited three sources, saying that China's state-owned enterprise COFCO has purchased nine cargo ships, totaling 540,000 tons of canola from Australia. This transaction is equivalent to 8% of China's total canola imports in the previous year. China's move comes as Beijing imposed temporary anti-dumping tariffs on Canadian canola last month.
A knowledgeable Australian agricultural trader said that the aforementioned cargo ships will be loaded between November and January.
The Chinese Ministry of Commerce announced on August 12 that imported canola from Canada is being dumped, and starting from August 14, a 75.8% deposit will be added to Canadian canola as a temporary anti-dumping measure. The Chinese Ministry of Commerce decided on September 5 to extend the measure until March 9, 2026.
Canada has been China's main supplier of canola in recent years. The above procurement by COFCO shows that while Sino-Canadian trade negotiations continue, China is already seeking other alternative sources.
Data from the General Administration of Customs of China show that China is the world's largest importer of canola, importing 6.4 million tons last year, worth $3.4 billion (about 4.4 billion Singapore dollars), almost all of which came from Canada.
Canada is the world's largest exporter of canola, followed by Australia.
Original: www.toutiao.com/article/1843830980335616/
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