Expert names reasons behind sunflower oil price hikes

Chief of the Ukrainian Agribusiness Club Association (UCAB) Roman Slaston says prices of sunflower oil in Ukraine have increased due to poor sunflower harvest in 2020 and China's demand for the produce.

"Decline in sunflower yield last year was one of the key factors behind the price hikes since sunflower oil is produced from sunflower harvested in the previous year. Last year, there was a drought in Ukraine that significantly affected its southern regions, where the largest areas under sunflower were concentrated," he told Hromadske Radio on April 22.

China is another factor that caused a rise in prices of cereals, sugar, and vegetable on global markets.

"China has been buying up agricultural products and accumulating them within the country. Such demand on the part of China is explained by population growth and the country's policies," the expert summed up.

Background

Earlier, Ukraine said it was considering suspending exports of sunflower seeds, which the authorities believe could curb price hikes.