Russia: Soybean oil supplies to South Korea are suffering due to the lack of containers of the required volume

Published 2023년 4월 5일

Tridge summary

Russia has made a significant rise in the Korean market, climbing from the thirteenth to eighth position as a supplier of soybean oil in 2022. This improvement is largely due to the removal of duties on imports, encouraging more Russian exports. Despite this growth, Russian exporters encounter challenges such as a lack of containers with the required volume. They also have the advantage of flexible pricing and the ability to expand their assortment to increase competitiveness. The article also touches on the market specificities of Korea, Iran, and China, highlighting the importance of understanding local regulations and business practices for successful exporting.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russia has risen from thirteenth to eighth place among the suppliers of soybean oil to Korea. Deliveries can be increased, but exporters have problems - for example, the lack of containers of the required volume. Farmers from countries to whose markets Russia supplies oil and fat products shared their experience at a meeting of the Ministry of Agriculture, the Oil and Fat Union and industry representatives. In the message of Agroexport, which was reviewed by sfera.fm, the agricultural attache of Korea told how the export of soybean oil to Korea is growing, and what problems suppliers face. Korea is one of the largest buyers of soybean oil - in 2022, this country imported 1.5 million tons of oil and fat products worth $2.7 billion, while soybean oil accounted for a third of the supply. In 2022, Russia has risen from thirteenth to eighth place among the suppliers of this product to Korea. The growth in deliveries was facilitated by the zeroing of duties on the import of products to ...

Source: Oilworld