Vegetable oil exports from Russia increased by a third in 2023

The Russian Federation exported over 6.5 million tons of vegetable oil in 2023, which is a third more than in 2022, according to joint monitoring by the information and analytical agency OleoScope and the Fat and Oil Union. “The current result is the highest for the country, it was achieved due to record harvests of oilseeds in 2022 and 2023, the preservation of duties on exports of oilseeds and growing demand for domestic finished products abroad,” OleoScope analyst Kirill Lozovoy told Interfax. Thus, the volume of sunflower oil exports increased by 31%, to 4.29 million tons. Its share in the structure of exports of all types of oils from the Russian Federation was more than 65%. The key buyers were China and India, where 897 thousand tons (254 thousand tons in 2022) and 885 thousand tons (433 thousand tons) were sent, respectively. Exports of soybean oil increased by 8%, to 668 thousand tons. The leaders in purchases were India and Algeria - 208 thousand tons (66 ...