Turkey sharply reduced imports of sunflower oil

Published 2024년 11월 8일

Tridge summary

In the 2023/24 sunflower oil season, Turkey experienced a significant drop in imports, down to 350 thsd tonnes, a decrease of 200 thsd tonnes from the previous year, marking the lowest import volume in three years. This decline is primarily due to a reduction in oil supplies from Ukraine. Despite the decrease in imports, Turkey's sunflower oil exports saw a 6% increase, reaching a record 350 thsd tonnes. The combination of depleted domestic oil reserves, a second consecutive year of low sunseed harvests, and high global prices has led to a restraint on purchases by Turkish importers, who are also waiting for potential changes in import duties in early 2025.

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

Original content

According to Oil World, Turkey imported only 350 thsd tonnes of sunflower oil in 2023/24 season (October-September), the lowest in three years and 200 thsd tonnes less than in 2022/23 season. The sharp decline in imports is due to a reduction in oil supplies from Ukraine. The export of sunflower oil from Turkey in 2023/2024 season increased by 6% to the record 350 thsd tonnes. The sharp decline in imports and growth in exports depleted domestic oil reserves. In addition, the low sunseed harvest for the second consecutive year increased Turkey’s import needs. Currently, Turkish importers are restraining purchases of sunflower oil due to high world prices and expect a potential reduction of import duties in early 2025. For almost 30 years of expertise in the agri markets, UkrAgroConsult has accumulated an extensive database, which became the basis of the platform AgriSupp. It is ...

Source: UkrAgroConsult