The Verkhovna Rada, Ukraine's parliament, has postponed the cancellation of value-added tax (VAT) refunds from the national budget for rapeseed exports until January 1, 2020, and for soybeans exports until September 1, 2018.
Ukrainian farmers exported oilseeds worth US$1.3 billion in January-September 2017, according to the UkrAgroConsult agency referring to the Institute of Agrarian Economics.
Ukraine exported 124,300 tonnes of rapeseed in the first month of the new 2017/18 season, or twice as much as in July 2016 (61,300 tonnes). Such an active start of export sales is observed for the first time in the last three seasons, reports UkrAgroConsult.
Head of the Strategic Studies Center of Sumy National Agrarian University Oleksandr Maslak says the profitability of winter rapeseed crops in Ukraine may reach 83% in 2017, which will make it the lead crop among oilseeds, according to the UkrAgroConsult agency's press service.
Ukraine's export of rapeseed is likely to jump 60 percent to 1.65 million tonnes in the 2017/18 season as the harvest is expected to be about 70 percent larger than in the previous year, analyst UkrAgroConsult said on Tuesday, according to Reuters.