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(Bloomberg) — China will allow its private oilseed crushers to buy Australian canola, as the two countries move to normalize a trade that’s largely been halted since the start of the decade.
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Some private crushers were told this week they can apply for permits to import the crop, according to people with knowledge of the matter. The firms have been included in a trial program that should presage an official agreement between the two governments to fully open up the trade, the people said, declining to be named discussing a sensitive issue.
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China’s customs office didn’t immediately respond to a fax seeking comment.
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Beijing halted imports of Australian canola in 2020, citing plant health concerns. State-run trader Cofco International Ltd. resumed booking cargoes on a trial basis last year, fanning hopes of a broader revival in shipments.
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That incremental reopening coincided with a trade rift with Canada, China’s main canola supplier, after Ottawa slapped levies on Chinese electric vehicles, steel and aluminum.
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The two countries have since mended relations. At the same time, China has resumed purchases of US soybeans, giving the country broad access to a category of commodities used for cooking, food manufacturing and livestock rations.
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Traders said last month that private crushers had already begun inquiring about Australian canola for delivery in the fourth quarter in anticipation of a pact.
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The phytosanitary rules for canola shipments to China have also been revised, according to a notice on the Australian agriculture ministry’s website that covers an exhaustive list of pests to be avoided, from bacterial leaf blight to turnip weed, and other quality requirements.
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—With assistance from Ben Westcott and Sarah Chen.
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