News

Russia increases supplies of vegetable oil to Egypt

Published Feb 15, 2024

Tridge summary

Russia has seen a significant increase in its export of sunflower and soybean oil to Egypt, with shipment costs rising to $475 million, a 3.3 times increase. In 2023, Russia shipped 393 thousand tons of sunflower oil and 93 thousand tons of soybean oil to Egypt, which relies heavily on imports for these commodities. Russia also exports oils to other North African countries, including Tunisia, Libya, Algeria, and Sudan. By the end of 2023, Egypt had become the largest African importer of Russian sunflower oil and the second-largest importer of Russian soybean oil, after Algeria.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the same time, the cost of shipments increased 3.3 times and amounted to $475 million. This was announced by Kirill Lozovoy, an analyst at the OleoScope agency, at an event organized by Sberbank JSC. He noted that Russia is now actively exporting sunflower and soybean oil to Egypt. In 2023, 393 thousand tons of sunflower oil and 93 thousand tons of soybean oil were shipped. Lozovoy emphasized that oil production in Egypt cannot satisfy domestic needs, so the country is forced to import products, including holding tenders through the state agency GASC. In Egypt, wealthier consumers prefer sunflower oil, while lower-income people choose blends of soybean, palm and sunflower oil. In addition, Lozovoy noted that Russia supplies oils to other North African countries, such as Tunisia, Libya, Algeria and Sudan. At the ...
Source: Agroxxi
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