India to lead import of Russian vegetable oils in 2024

Published 2024년 12월 18일

Tridge summary

In 2024, India is expected to become the leading importer of Russian vegetable oil, surpassing China and Algeria as the largest buyer of soybean oil. This shift is part of a broader trend in which Southeast Asian and North African countries are increasing their imports of Russian vegetable oil. However, the export of rapeseed oil is dominated by China, which imports 90% of the global production. Meanwhile, the price of sunflower oil has risen due to higher global prices and an anticipated reduction in harvest in the Black Sea region. The Russian Ministry of Agriculture is planning to introduce a new procedure for calculating export duty, expected to increase its effectiveness. The export duty of sunflower oil has already seen a significant increase and is expected to rise further due to the higher exchange rate.

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Original content

India has replaced China The geography of Russian vegetable oil supplies in 2024 remains almost unchanged - these are the countries of Southeast Asia and North Africa (India, China, Egypt, Turkey, Iran, Algeria), these products occupy an increasing share in these markets. This year, the first place in terms of the volume of Russian vegetable oil exports will be taken by India, which has replaced China, and in terms of soybean oil purchases it has overtaken the long-time leader - Algeria. When it comes to rapeseed and rapeseed products, China is a monopolist as an importer. 90% of the rapeseed oil produced is exported there. Rising customs duty According to Maltsev, since the beginning of the current season there has been an increase in sunflower oil prices due to higher world prices and an expected reduction in the harvest in the countries producing sunflower seeds in the Black Sea region. M. Maltsev also believes that taking into account the new procedure for calculating the ...

Source: Farmer.pl