Ukraine's sunflower oil exports expected to fall from record highs in Sept-May

MOSCOW. June 13 (Interfax) - Ukraine exported 714,000 tonnes of sunflower oil in May, 14% more than in April and the highest monthly figure since January 2021, Ukrainian media reported, citing information and analytical agency APK-Inform.

This was the third highest monthly figure ever for Ukrainian sunflower oil exports, the agency said.

In September-May of the 2023/2024 agricultural year (September-August), the country exported 5.14 million tonnes of sunflower oil, which was a record for this period of the year.

"One of the main factors facilitating active exports of the product in the current season was strong demand for sunflower oil given its competitive price compared to other vegetable oils. Furthermore, the stable operation of Ukrainian ports ensured virtually uninterrupted shipments," the agency said.

"Given the almost record rates of sunflower processing this season and the lower harvest in 2023, stockpiles of this crop at the beginning of June, by our estimate, were the lowest in many years. Therefore, processing and, accordingly, the supply of sunflower oil are expected to decrease, and not only from Ukraine, but also from the Black Sea region in general," the agency said.

The European Union remains the key market for Ukrainian sunflower oil with a share of 60% of exports, up from 40% in the previous season.