News

Russia: Sunflower oil export volumes increased by 37%

Refined Sunflower Oil
Russia
Market & Price Trends
Refined Soybean Oil
Published Nov 28, 2023

Tridge summary

The export of vegetable oils in 2023 has increased significantly compared to the previous year, with sunflower oil being the most exported type. India and China are the main buyers of vegetable oils, particularly sunflower and soybean oil. Additionally, rapeseed oil exports have also experienced significant growth, with over 90% of it being sent to China.
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

The estimated export of vegetable oils for the reporting period of this year amounted to 5.57 million tons, which is 43% higher compared to the same period last year, writes AgroProm. In the first ten months of 2023, the volume of sunflower oil exports increased by 37% to 3.60 million tons, the share in the structure of exports of vegetable oils amounted to more than 65%. The main buyers are India (731 thousand tons) and China (726 thousand tons), industry analysts report. Exports of soybean oil in January-October 2023 increased by 16% to 556 thousand tons. The leaders in soybean oil purchases were India (168 thousand tons) and Algeria (139 thousand tons). Export of rapeseed oil for the period under review amounted to 1.38 million tons (+85% compared to the same period last year). More than 90% were sent to China. The export duty on sunflower oil from October 2022 remains zero, since it is levied on the difference between the base price of 82,500 rubles per ton and the indicative ...
Source: Oilworld
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