This week the Canola Council of Canada (CCC) held a virtual mission to expand and build new relations with South Korean canola oil customers. South Korea consistently represents the third largest export market for Canadian canola oil and is an important market for diversification of canola products.
“We had an engaging session with four registered companies in South Korea that either currently purchase or are interested in purchasing canola oil from Canada,” says Brittany Dyck, senior manager canola utilization at the CCC. “These companies showed enthusiasm to gain more information on canola quality, reliable supply and the industry’s plans for growth.”
The virtual mission included presentations and discussion on canola production, health and versatility of canola oil, and canola processing in order to foster this important market and create inroads into potential new applications for canola oil use in South Korea. Instead of farm tours and facility visits that would typically encompass an in-person trade mission, the CCC created digital elements highlighting a canola farm as well as canola processing with participants.
“Continuing to connect with our global customers during this pandemic has been important to our industry,” says Jim Everson, CCC president. “The desire to stay connected and share information comes from both sides, and this was reflected in the participation and engagement during the session.”
While tariffs have hampered canola seed and oil exports to South Korea in the past, the Canada-Korea Free Trade Agreement which came into force on January 1, 2015, puts Canadian canola on a level playing field with other oilseeds. In 2019, exports reached 153,000 MT valued at $147 million. In 2020, over 113,000 MT valued at $118 million has been exported to date (Jan to Nov).
This mission was carried out as a joint effort between the CCC and Agriculture and Agri-Food Canada as part of the AgriMarketing Program, under the Canadian Agricultural Partnership.
The Canola Council of Canada is a full value chain organization representing canola growers, processors, life science companies and exporters. Keep it Coming 2025 is the strategic plan to ensure the canola industry’s continued growth, demand, stability and success – achieving 52 bushels per acre to meet global market demand of 26 million metric tonnes by the year 2025.