Vegetable oil exports grew by 10% in the first eight months of this year in Russia

Published Sep 19, 2024

Tridge summary

Russia has seen a 10% increase in vegetable oil exports in the first eight months of 2024 compared to the same period in 2023, with sunflower oil and meal leading the growth. Sunflower oil exports rose by 26% to 3.77 million tons, representing over 75% of the total vegetable oil exports, while soybean and rapeseed oil exports also increased by 18% and 1%, respectively. Similarly, sunflower meal exports grew by 7% to 1.98 million tons, and soybean meal exports increased by 19% to 651 thousand tons. The export of raw oilseeds, including sunflower seeds, soybeans, rapeseed, and flaxseeds, also increased by 11% to 1.93 million tons, with China being the main buyer. This increase in exports is attributed to the high harvest volumes and the stable global prices for oil, with the future dynamics of these exports dependent on the gross harvest of all oilseeds and the uniform sales of raw materials by agricultural producers.

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

Original content

The most impressive results are demonstrated by sunflower oil and meal Analysts from OleoScope estimated the export of vegetable oils for the first eight months of this year at 4.99 million tons. This is 10% higher than in the same period last year. In particular, the volume of sunflower oil exports increased by 26%, to 3.77 million tons, its share in the structure of vegetable oil exports exceeded 75%; soybean — by 18%, to 503 thousand tons. Shipments of rapeseed oil to foreign markets amounted to 705 thousand tons. Exports of meals for the first eight months of 2024 increased by 7% compared to the same period a year earlier, to 2.91 million tons. Of this volume, 1.98 million tons of sunflower meal were exported to foreign markets, or 24% more than a year earlier, soybean meal — 651 thousand tons, or 19% more. Shipments of rapeseed meal were recorded at the level of 271 thousand tons. At the same time, the export of raw materials — oilseeds — amounted to 1.93 million tons. ...

Source: Specagro