The EU reduced the import of vegetable oils by 20 percent

Published 2023년 5월 23일

Tridge summary

From July 2022 to mid-May 2023, the European Union (EU) has seen a 20% decrease in vegetable oil imports compared to the previous year, totaling 5.7 million tons. This includes a 20% drop in palm oil imports, a 15% decrease in sunflower oil imports, a 12% reduction in soybean oil imports, and a 34% decline in rapeseed oil imports. The main suppliers during this period were Ukraine, Argentina, Belarus, Indonesia, and Malaysia. This shift is attributed to increased self-production and processing of oilseeds within the EU, as evidenced by a threefold increase in sunflower shipments, a 44% rise in canola imports, and a 12% decrease in soybean purchases.

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Original content

From July 2022 to mid-May this year, the member states of the European Union have reduced the import of vegetable oils by 20% compared to the period July 2021-mid-May 2022 to 5.7 million tons, according to expert estimates of European Commission. The import of palm oil decreased by 20% to 3.5 million tons, of sunflower oil – by 15% to 1.5 million tons, of soybean oil – by 12% to 409.6 thousand tons and of rapeseed oil – by 34% to 357.4 thousand tons. For the mentioned 10 and a half months, the main suppliers of vegetable oils in the EU were Ukraine, Argentina, Belarus, Indonesia and Malaysia. "One of the main reasons for the drop in the purchased quantities was the large import of raw materials from the EU countries, which contributed to the increase in the workload of the European processing enterprises and to the increase in the supply of self-produced oils on the domestic markets," explain industry ...

Source: Sinor