20/05/2016 (UkrAgroConsult) - In March 2016 Russia increased palm oil imports. Russian companies purchased 83 KMT of palm oil that was a record high volume for the specified period. For instance, in March 2015 palm oil imports to Russian Federation reached 74.1 KMT. During seven months of season 2015/16 (September-March) palm oil imports to Russian Federation reached record high at 592.8 KMT.

The USDA estimates that next season palm oil imports to Russia will increase to 800 KMT. Apart from the global drivers mentioned above, the decision to cancel excise duty on palm oil imports to Russia will also contribute to increase in purchases. In future Russia may reduce palm oil imports, if the country faces problems with sunflower oil markets.

Further development of oilseed/vegoils market in Ukraine and other Black Sea countries will be discussed at the IV International Conference “Black Sea Oil Trade-2016”, September 7, 2016, Kyiv, Ukraine. Organizer - consulting agency UkrAgroConsult.