Exports of soybean oil in eight months of 2020 increased by 21%

Published Sep 16, 2020

Tridge summary

From January to August of 2020, Russia saw a 21% increase in soybean oil exports compared to the same period in the previous year, totaling 444 thousand tons and valued at $ 319 million. The majority of these exports, approximately 60%, were sent to China. Other significant importers include Algeria and Denmark, with a total of 30 countries receiving Russian soybean oil products. The Ministry of Agriculture of Russia is optimistic about the potential for further growth in Asian and African markets.

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Original content

For eight months of 2020, Russia supplied 444 thousand tons of soybean oil to foreign markets in the amount of $ 319 million, which is 21% higher than in the same period last year. In 2016-2019, sales of these products abroad increased by 30%. According to the Federal Center for the Development of Export of Agricultural Products of the Ministry of Agriculture of Russia, China is the key importer of domestic soybean oil. In January-August of this year, products worth $ 193 million were shipped to the PRC, which is about 60% of the total export sales. The top three also include Algeria and Denmark. In total, 30 countries are buyers of Russian products. ...

Source: Mcx