The increase in palm oil prices contributes to the increase in the export of sunflower oil from Ukraine

Crude palm oil (CPO) prices rose to a 17-month high amid rising oil prices, leading to increased sunflower oil imports by India and exports from Ukraine in March. India increased sunflower oil imports in March by 51% from February to 448,000 tonnes, the second-highest on record, while palm oil imports fell 3.3% to a 10-month low of 481,000 tonnes. In March, Ukraine exported 608,000 tons of sunflower oil, which corresponds to the level of January and February, but is 16% higher than in March 2023. In general, in 2023/24 MR, the export of sunflower oil increased compared to the previous season by 18.7% from 3.2 to 3.8 million tons, while the USDA forecast is 5.75 million tons (5.7 million tons in 2022/ 23 MR). In order to achieve it, it is necessary to export 400,000 tons of oil in April and August, while during the first 7 months of the season, the average shipment rate was 575,000 tons. In 2022, Ukraine exported 4.3 million tons of sunflower oil worth $5.5 billion, and in 2023 - ...