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. (Photo: Canadian Press)

By Canadian Press

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

Sep 5, 2024 | 12:41 PM

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

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

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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.

This report by The Canadian Press was first published Sept. 5, 2024.