W1 Sunflower Update: Ukraine's Sunflower Oil Exports Surge 25%, While India's Imports Double in Dec-23

India's Sunflower Oil Imports Double in Dec-23

In Dec-23, India's sunflower oil imports more than doubled, reaching 263 thousand metric tons (mt), marking the highest volume in three months. Combined with increased palm oil imports, this led to a 13.3% month-on-month (MoM) rise in India's total edible oil imports, reaching 1.3 million metric tons (mmt). The heightened supply of sunflower oil, particularly from top-producing countries such as Russia and Ukraine, has made it highly competitive, approaching the affordability of palm oil.

Ukraine's Sunflower Oil Exports Soar 25% MoM in Dec-23

In Dec-23 (2023/24 MY), Ukraine experienced a 25% MoM surge in sunflower oil exports, reaching nearly 672 thousand mt, the highest monthly volume since Jan-22. This marks the second-largest monthly export volume in Ukraine's sunflower oil history. Furthermore, from Sep-23 to Dec-23, Ukraine's cumulative sunflower oil exports totaled almost 2 mmt, indicating a 4% increase compared to the same period in the previous season. Additionally, the ongoing 2023/24 marketing year (MY) is expected to witness a significant overall increase in Ukraine's oil crop production, particularly in sunflower crops, with a projected rise of 1.4 mmt.

Bulgaria's Sunflower Oil Exports Drop 32% in 2023/24 MY

Bulgaria's sunflower oil exports in the 2023/24 MY experienced a 32% decline compared to the same period in the previous season. The country has exported just under 0.2 mmt, a notable decrease from the 0.28 mmt recorded during the same period in the previous year, which saw record-breaking figures due to substantial imports from Ukraine. Despite reduced imports, attributed in part to a summer import ban, overall exports for the current season remain comparable to the average of the last five years, showing an increase of approximately 12% when excluding the exceptional figures of the previous season.

Bulgaria-Ukraine Ministers Discuss Export Licensing Impact on Sunflower Seeds

Bulgaria's Minister of Agriculture and Food discussed the impact of Ukraine's licensing regime on exports with Ukraine's Minister of Agrarian Policy and Food. Import data for rapeseed, corn, and sunflower raised concerns about the recent surge in sunflower imports along the Danube. The Bulgarian minister cautioned that sustained high import levels might surpass the limit for Bulgarian processors, potentially leading to a halt in imports and a focus on selling domestically produced Bulgarian sunflowers.