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Canada's largest agribusiness Richardson International has had its license to ship canola to China revoked, after imports from Canada were found to be contaminated with hazardous pests.

Canada exported more than $3.75 billion worth of canola last year, with China receiving almost half the shipments. The revocation of the company's permit hurts not only Richardson but also the entire value chain of industries involved in the market.

China has explained that the move is to protect the health and safety of Chinese citizens. However, the action has been interpreted by some as a retaliatory move against the Canadian authorities announcing last week that extradition proceedings would proceed against Meng Wanzhou, chief financial officer of Chinese telecommunications company Huawei.