In September-November 2021, Ukraine reduced exports of sunflower oil by 15% YoY, to 1.35 million tons due to falling demand from China and India, the Ukroliyaprom Association reported.
In particular, India, the main buyer of Ukrainian sunflower oil, reduced its imports during the specified period by 11.5%, to 466.5 thousand tons, although in 2020-2021 it purchased 1.56 million tons of Ukrainian oil, which accounted for 30% of its total exports.
China, which was the second largest buyer of Ukrainian sunflower oil, during the specified period reduced purchases by 50%, to 247.1 thousand tons, including 177.8 thousand tons shipped in November 2021.
The main reasons for the drop in demand for sunflower oil were high prices and a shortage of supplies at the beginning of the season, which is why buyers preferred cheaper soybean oil. In China, at the beginning of the season, significant transitional stocks of sunflower oil were formed, so he was in no hurry to buy it. In addition, increased competition from cheaper locally produced corn oil was an additional reason for the reduction in sunflower oil imports.
The decrease in sunflower oil exports from Ukraine to China and India was partially offset by an increase in demand from the EU countries, which in September-November 2021 increased its imports by 26.5%, to 366.8 thousand tons. (UkrAgroConsult/Business World Magazine)
