According to the preliminary data of APK-Inform Agency, in September-April of 2023/24 MY Ukraine exported over 4.4 mln tonnes of sunflower oil, up 17% compared to the same period of the previous season, and became the second largest export volume in the history of the country after the figures of 2019/20 MY (4.49 mln tonnes in September-April).
“The demand for the product in the current season from the key global importers was boosted by the more attractive price of sunflower oil compared to other vegetable oils, which resulted in the active increase of the sunflower processing by the Ukrainian mills,” – explained APK-Inform.
The analysts also noted that the relatively stable shipments of the oil by sea are the important factor.
APK-Inform experts increased the forecast of sunflower oil exports for the season-2023/24 to 5.6 mln tonnes (+4% up to April, -1% down to 2022/23 MY). However, considering that about 79% of the forecast is already exported, the monthly shipment volumes are expected to decline significantly by the end of the season.
Thus, the decline in the exports of the product in May-August of the current season may be due to the decrease in sunflower crushing amid the depletion of the stocks, which in the whole country as of the beginning of May were estimated by APK-Inform as the minimum for the last three seasons.