The Russian-Ukrainian war led to an increase in the export of sunflower oil from Russia

The weak presence of sunflower oil from Ukraine on the world market contributed to the inflow of demand for Russian products.

“Kommersant” writes about this with reference to market participants.

“For the first two months of the season (September-October 2022), the Russian Federation exported 344,600 tons of sunflower oil – this is more than twice the same figure in 2021,” the publication notes. ‎

Market participants explain the increase in exports by the increase in production of sunflower oil this season, as well as by favorable conditions: attractive world prices, zero export duty and a reduction in supplies from Ukraine.

It is noted that the main buyers were Turkey, China, and India, which imported about 136,000, 82,000, and 34,000 tons of oil, respectively.

According to Sovekon, sunflower oil from Russia currently costs about $1.26 thousand per ton, which roughly corresponds to last year’s level. Since October, a zero duty has been imposed on its export from the Russian Federation. In December, the duty will also remain zero.

We will remind that Ukrainian exporters were exempted from mandatory “export deposits” for grain.

Tags: Ukraine, Russia, sunflower oil