The price of a Ukrainian oil has the highest increase of all time, Vietnam's tuna processing industry is affected

Published 2022년 3월 19일

Tridge summary

The price of sunflower oil has reached an all-time high due to the ongoing war between Russia and Ukraine, the world's largest suppliers of the oil. The conflict is expected to have a ripple effect on the global agricultural market, with Ukraine being a major exporter of wheat, corn, and sunflower oil, and Russia being a significant supplier of sunflower oil. The increase in sunflower oil prices could directly impact the tuna industry, as it is a key ingredient in tuna processing. The war may also lead to higher tuna prices due to increased fishing costs and shipping rates. This could potentially slow down Vietnam's tuna exports, despite the growth in its tuna exports to Russia and Ukraine.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Just over a week after the “Russian-Ukrainian war” broke out, the price of sunflower oil has reached an all-time high, because Ukraine is the most important supplier of sunflower oil to the global market. It is worth mentioning that the high price of sunflower oil due to the war between Russia and Ukraine can directly affect the tuna industry. According to the bulletin of the Association of Seafood Exporters and Producers of Vietnam, economists are concerned that the war between Russia and Ukraine will affect agricultural products. Because both countries are major exporters of grains and vegetable oils such as wheat, corn and sunflower oil. In particular, sunflower oil is the third most traded product in the world after palm oil and soybean oil. In the period 2020-2021, Ukraine exported 5.27 million tons of sunflower oil, accounting for nearly 47% of total world exports. While the supply from Russia accounts for nearly 30%. Europe is heavily dependent on Ukrainian sunflower oil ...

Source: Danviet