Russia: Export value of vegetable oil grows at an accelerated pace

Published 2024년 12월 9일

Tridge summary

High demand globally has led to a significant increase in the export prices for sunflower oil, making it the most expensive Russian product exported. Prices have risen by 2-6% dollar terms over the month and over 42% year-on-year, reaching $1.13 thousand per ton at the beginning of December 2024. The price increase is due to high demand and limited supply of vegetable fats, as well as a decrease in palm oil supplies. Despite the weakening ruble, which usually makes exports less attractive, the volume of sunflower oil production in Russia has increased by 13.6% year-on-year, and exports have exceeded 450 thousand tons in November. However, a decrease in the sunflower harvest, expected to be 10.4% lower due to drought, may impact production in the future.

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Original content

High global demand is driving up export prices for sunflower oil: they have increased by 2-6% in dollar terms over the month, and by more than 42% year-on-year. This is currently the most expensive Russian product shipped abroad: its marginality is further increased by the weakening ruble. Companies have already increased production and supplies abroad. The sunflower oil export index at the beginning of December 2024 was $1.13 thousand per ton, up 4.1% over the month, according to the Price Index Center (PIC). Year-on-year growth was 42.5%. Sunflower oil is the most expensive export product since the beginning of this year, analysts note. The dynamics for other popular categories, including oil, diesel, nitrogen fertilizers, LNG and wheat, were lower or negative. Dmitry Rylko, CEO of the Institute for Agricultural Market Studies (IKAR), says that the export price of sunflower oil is currently stable at around $1,100 per ton. At SovEcon, it was also estimated at $1,110 at the end ...

Source: Agrovesti