Export price of Ukrainian sunflower oil hits four-year high

Export quotations for crude sunflower oil from Ukraine rose to US$1,300 per tonne on FOB terms, which has hit a four-year high.

That is according to Refinitiv Agriculture.

The impetus for the rise in prices was the strengthening of quotations for other vegetable oils and the limited supply of the oil.

Read alsoUkraine joins UN World Food Security Committee – FM KulebaOffer prices of sunflower oil supplies in the period of February-March exceeded US$1,300 per tonne on FOB terms.

At the same time, the importers' demand remains low, as prices of sunflower oil are too high.

In October-February of the current season, the marketing year 2020-2021, exports of Ukrainian sunflower oil reached almost 2.1 million tonnes against 1.9 million tonnes for the same period of the previous season, according to Refinitiv Trade Flows.

The sunflower harvest in Ukraine in 2020 shrank to 13.1 million tonnes against 15.2 million tonnes in 2019.

Background

Ukraine's Ministry for Economic Development, Trade and Agriculture said exports of agricultural products from Ukraine in 2020 remained almost unchanged against 2019 (US$22.2 billion), while imports grew by 14% (to US$6.5 billion).

In addition, Ukraine in 2020 reduced exports of agricultural products to the European Union countries by 10.8%, to EUR 6.53 billion.

In 2020, the country imported foodstuff worth US$3.5 billion from the European Union states, which was 13.4% up from 2019 (US$3.1 billion).