Turkey sharply reduced imports of sunflower oil
According to Oil World, Turkey imported only 350 thsd tonnes of sunflower oil in 2023/24 season (October-September), the lowest in three years and 200 thsd tonnes less than in 2022/23 season. The sharp decline in imports is due to a reduction in oil supplies from Ukraine.
The export of sunflower oil from Turkey in 2023/2024 season increased by 6% to the record 350 thsd tonnes.
The sharp decline in imports and growth in exports depleted domestic oil reserves. In addition, the low sunseed harvest for the second consecutive year increased Turkey’s import needs. Currently, Turkish importers are restraining purchases of sunflower oil due to high world prices and expect a potential reduction of import duties in early 2025.
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