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Turkey's sunflower oil imports fell to a 3-year low

Crude Sunflower Oil

Vegetable Oil

Turkiye

Price

Oil & Fats

Published Nov 9, 2024

Tridge summary

During the 2023-2024 agricultural season, Turkey experienced a significant decrease in unrefined sunflower oil imports, with a drop of over 36% compared to the previous season, totaling 350 thousand tons. This decline is primarily attributed to a reduction in supplies from Ukraine and a rise in domestic exports, which have led to a scarcity of stocks. Furthermore, Turkey's domestic sunflower harvest has been weak for the second year in a row, exacerbating the supply issue. As a result, Turkish importers are withholding from purchasing sunflower oil due to its high prices and are hopeful for a decrease in the import duty, expected in early 2025.

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

Original content

In the 2023-2024 agricultural season, which ended on September 30, imports of unrefined sunflower oil in Turkey decreased by more than 36% compared to the previous season to 350 thousand. tons, indicate data from the authoritative German company for market analyzes and forecasts Oil World, cited by the electronic publication APK-Inform. This is the weakest result for the last 3 years. The decline is mainly due to a reduction in supplies from Ukraine, and record exports (up 6% compared to the 2022-2023 season to 350,000 tons) have led to a significant contraction of stocks in Turkey. At the same time, the second year in a row with a relatively weak sunflower harvest in the country limits the supply ...

Source: Sinor