Russia is increasing the export of oil and fat products

Russia

Market & Price Trends

Published Mar 28, 2024

Tridge summary

Russian exports of domestic oil and fat products have experienced a notable increase, with a 17.9% rise to 1.75 million tons as of March 3 compared to the same period in 2023. The oil and fat industry remains a dominant force in Russia's food export sector, showcasing a 34.3% growth with 11.2 million tons exported last year. This growth is driven by significant rises in the exports of sunflower oil, rapeseed oil, and soybean oil. Major importing countries include China, Turkey, Uzbekistan, and nations in the Middle East and Africa, with China recording the highest growth in purchases, especially of rapeseed oil. The surge in global demand, along with increased oilseed acreage and production, indicates a promising outlook for further export increases.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Exports of domestic oil and fat products since the beginning of this year amounted to 1.75 million tons (as of March 3). This is 17.9% more than the figure for the same period in 2023. The oil and fat industry remains one of the leaders in Russian food exports. Last year, our country exported 11.2 million tons of oil and fat products, which is 34.3% more than in 2022. In particular, in 2023, supplies of sunflower oil increased by 41.9% and amounted to 4.5 million tons, rapeseed oil 1.6 million tons (+ 63.6%), soybean oil 715.8 thousand tons (+ 10. 4%). Last year, domestic exporters supplied oil and fat products to China, Turkey, Uzbekistan, the countries of the Middle East and Africa. China ranks first in terms of the growth rate of purchases among the largest importers; the largest share of sales to this country is accounted for ...

Source: Agronovosti