Canada says China has lifted ban on Canadian canola after 3 years
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According to the Canola Council of Canada, seed exports to China have fallen from $2.8 billion in 2018 before the restrictions, to $800 million in 2019, $1.4 billion in 2020 and $1.8 billion in 2021.The industry organization estimates the dispute cost the industry between $1.54 billion and $2.35 billion from lost sales and lower prices between March 2019 and August 2020 alone.
“This is a positive step forward, restoring full trade in canola with China and ensuring that all Canadian exporters are treated equally by the Chinese administration,” said Jim Everson, Canola Council of Canada president, in a news release.1:59Alberta producers feeling stress from China’s canola ban – Jul 4, 2019
Canada is the world’s largest producer of canola. It is one of the most widely grown crops in Canada, and is currently trading at all-time record highs as the war in Ukraine drives up prices for agricultural commodities. Canola is primarily used to make cooking oil, but can also be used as livestock feed and to make biodiesel.
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