Russia: Exports of vegetable oils to African countries may grow 1.5 times this year
Refined Sunflower Oil
Market & Price Trends
Refined Soybean Oil
Published Nov 30, 2023
The text predicts that vegetable oil supplies from Russia to African countries are expected to increase by 1.5 times this year, mainly due to an increase in sunflower oil shipments. Although palm oil remains the most popular type of oil in the region, the demand for sunflower oil is gradually growing. However, the export of soybean oil from Russia to Africa has slightly decreased due to a reduction in sales to key buyers.
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This year, supplies of vegetable oils from Russia to African countries may increase 1.5 times to more than 850 thousand tons, the information and analytical agency OleoScope predicts. The increase will occur against the backdrop of an expected increase in sunflower oil shipments by approximately 2.5 times. At the same time, for African consumers it still remains a premium product, but demand is gradually growing. The most popular type of oil in the region is traditionally palm oil - the most affordable, notes OleoScope analyst Kirill Lozovoy. According to him, over 10 months of this year, Russia sent 652 thousand tons of oils to Africa compared to 446 thousand tons for the same period last year. The increase in shipments was observed against the backdrop of a noticeable increase in sunflower oil exports - from 178 thousand tons to 419 thousand tons. The key buyers of the product in January-October were Egypt and Sudan, where 303 thousand tons were sent (a 2.2-fold increase over ...