Canadian canola industry could take $1B hit in wake of Chinese trade actions: Report

2 weeks ago 11

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Published Sep 05, 2024 • 1 minute read

A canola plant in full bloom is pictured near Cremona, Alta., Monday, July 15, 2024. An international credit rating agency says Canada's canola industry could take a $1-billion hit in the wake of new Chinese trade actions.

CALGARY — An international credit rating agency says Canada’s canola industry could take a $1-billion hit in the wake of new Chinese trade actions.

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Morningstar DBRS says China’s plan to launch an anti-dumping investigation

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into canola seed imports from Canada could result in China levying tariffs on the crop.

The agency says such an outcome could have a “meaningful” impact on canola trade flows and Canadian grain handlers.

It says if tariffs are levied, the economic impact could be similar to the last time China took a canola-related trade action against Canada.

At that time, China blocked shipments of canola seed from two major Canadian companies.

Industry estimates pegged the cost to the Canadian canola sector of that action at $1.54 billion to $2.35 billion between 2019 and 2020.

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