According to APK-Inform, Ukraine cut the export of high-oleic sunflower oil by only 5% to 429 thsd tonnes in 2020/21 MY, despite the significant price discounts Ukrainian exporters were forced to make.
The EU was the largest importer of Ukrainian high-oleic sunflower oil. However, the share of the EU declined to 40% in the overall structure of exports compared to 47% in 2019/20 MY (excluding UK). The EU imported about 170 thsd tonnes of Ukrainian high-oleic sunflower oil in 2020/21 MY, down 20% year-on-year.
The quarantine restrictions and a moderate demand from HoReCa segment resulted in lower shipments of high-oleic sunflower oil to the EU. Additionally, Spain that was the leading European buyer of Ukrainian oil in 2019/20 MY cut sizably the import in 2020/21 MY amid higher domestic production of the product. In 2020/21 MY, Spain imported only 46 thsd tonnes of Ukrainian oil (-46% year-on-year).
At the same time, China maintained a high demand for Ukrainian high-oleic sunflower oil in 2020/21 MY. It bought the record 86 thsd tonnes of the product (+14%) and became the leading destination in a country view.
The export potential of Ukrainian high-oleic sunflower oil may decline in 2021/22 MY due to financial losses of the exporters observed in the preceding season. APK-Inform forecasts Ukraine to export 400 thsd tonnes of the product in the current season (-7%).
The development of the market of high-oleic sunflower seed and oil will be one of the main topics discussed within the XX international conference Fat-and-Oil Industry–2021 to be held on November 3 in Odessa (Premier Hotel Odessa). Fabrice Turon, Senior Expert Oilseeds, Oils & Fats, FAT & Associés will speak on the topic.
Fabrice Turon has more than 25 years of working experience in the field of oils and fats. Since 2010, he is in charge of research activity at FAT & Associés specialized consulting agency on lipids, oils and fats.