Kiev expects competition between Ukrainian, Russian sunflower oil to grow on global market

MOSCOW. Oct 24 (Interfax) - Competition between Ukrainian and Russian sunflower oil will be very high on the global market, especially in India, China, Asia and Africa, in the agricultural year 2023/2024, Ukrainian media quoted Victoria Blazhko, head of the Black Sea agrarian market department at the APK-Inform analytical agency, as saying at the 21st international conference Fat&Oil Industry-2023.

Ukraine remains the world's biggest exporter of sunflower oil despite the disrupted supply routes, Blazhko said. However, the share of Ukraine in global exports is decreasing as Russia ramps up sunflower exports.

"The Russian pressure is rising. [...] Russian products exert pressure by improving quality, price and increasing sunflower production volumes," the expert said.

India, China, other countries of Asia and Africa are the main "battlefield," she said.

"Russia becomes the chief supplier of sunflower oil to China. [...] The Chinese are interested in Ukrainian oil but they will buy it only from Ukrainian ports, shipped from the ports. As for India, Ukrainian products retain their share of the market, yet Russian pressure is mounting," Blazhko said.

The expert called attention to the news important for the market: the ban on vegetable oil imports by Iran from October 23. Iran is a large buyer of Russian sunflower oil. All products formerly shipped to Iran will appear on the global market and will add to the pressure on Ukrainian exports, Blazhko said.