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(Bloomberg) — China has resumed purchases of Canadian canola, an early sign of a revival in the trade after the nations reached a deal this month to mend ties.
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Crushers in the country have booked cargoes of Canadian rapeseed, known locally as canola, for loading in the next few months, according to people with knowledge of the shipments. Importers also booked some canola meal for loading between April to June, said other people involved in the deals.
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China’s imports of canola and canola products from the North American nation — a trade valued at C$4.9 billion ($3.6 billion) in 2024 — had plunged last year after Beijing imposed steeps levies on the goods, a move seen as retaliation for Ottawa’s tariffs on Chinese electric vehicles and other industrial products.
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During Prime Minister Mark Carney’s visit to Beiing earlier this month, he said China had agreed to slash tariffs on its canola shipments to around 15% by March and would also suspend 100% tariffs imposed on canola meal. Beijing has not confirmed the specific level but verified it would adjust its measures on Canadian canola and other agricultural products, including canola meal.
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Traders in the market estimated the canola purchased so far amounted to at least 10 cargoes, or about 600,000 tons, mainly for loading between March and April. They asked not to be identified as they were not authorized to speak to the media.
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With the tariff cuts, crushing a ton of Canadian canola would generate more than $40 in profit, according to the traders. More shipments are likely to follow if those lucrative levels hold, barring any renewed deterioration in relations, they said.
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Canada was China’s top supplier of canola in 2024, with the Asian nation importing about 6.1 million tons, customs data show.
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