MARKET DEVELOPMENT
Ukraine’s Sunflower Oil Exports Surge Amid Robust World Demand
Ukraine’s Sunflower Oil Exports Surge Amid Robust World Demand
03/12/2014 (Bloomberg) - Sunflower oil exports from Ukraine, the world’s top producer, have surged by almost 40 percent from last year after global demand increased and attractive prices spurred buying, Oil World said.
Ukraine exported 1.316 million metric tons of sunflower oil from July through October, compared with 945,000 tons in the same period last year, the Hamburg-based researcher said in an e-mailed report. Increasing purchases were led by India, the world’s biggest importer, as well as the European Union and Iran, according to the report. The 2014-15 marketing year started July 1 for Ukraine.
“Robust world import demand at the onset of 2014-15, partly driven by very attractive prices and partly by insufficient quantities of soya oil for export in October-December 2014, resulted in a significant growth of Ukrainian sun oil exports,” Oil World said.
Ukraine’s shipments to India surged 81 percent in the first four months of the marketing year to 539,000 tons, including 189,000 tons exported in October, the second-highest monthly total on record, Oil World said. Exports to the EU more than tripled from the previous year in the July-through-October period to 266,000 tons.
Exports to Iran were 131,000 tons in the first four months of 2014-15, compared with 30,000 tons at the same time a year earlier. The increase in demand “is politically-driven, with the government intending to limit palm oil imports and boost arrivals of alternative vegetable oils, primarily soya and sun oils,” Oil World said.
China Shipments
Declining vegetable oil demand in China means shipments may fall short of earlier expectations for the October-through-December period, Oil World said. Ukraine shipped 19,000 tons to China from July through October, down from 117,000 tons a year earlier.
Total EU imports of 17 major oils and fats may fall to a three-year low of 10.53 million tons in the 2014-15 season, which started Oct. 1 for the 28-country bloc, Oil World said. Imports of sunflower oil from all sources may drop to 950,000 tons, compared with 1.08 million a year earlier. Purchases of palm oil are expected to slide to 6.8 million tons from 7.25 million, according to the report.
Ukraine exported 1.316 million metric tons of sunflower oil from July through October, compared with 945,000 tons in the same period last year, the Hamburg-based researcher said in an e-mailed report. Increasing purchases were led by India, the world’s biggest importer, as well as the European Union and Iran, according to the report. The 2014-15 marketing year started July 1 for Ukraine.
“Robust world import demand at the onset of 2014-15, partly driven by very attractive prices and partly by insufficient quantities of soya oil for export in October-December 2014, resulted in a significant growth of Ukrainian sun oil exports,” Oil World said.
Ukraine’s shipments to India surged 81 percent in the first four months of the marketing year to 539,000 tons, including 189,000 tons exported in October, the second-highest monthly total on record, Oil World said. Exports to the EU more than tripled from the previous year in the July-through-October period to 266,000 tons.
Exports to Iran were 131,000 tons in the first four months of 2014-15, compared with 30,000 tons at the same time a year earlier. The increase in demand “is politically-driven, with the government intending to limit palm oil imports and boost arrivals of alternative vegetable oils, primarily soya and sun oils,” Oil World said.
China Shipments
Declining vegetable oil demand in China means shipments may fall short of earlier expectations for the October-through-December period, Oil World said. Ukraine shipped 19,000 tons to China from July through October, down from 117,000 tons a year earlier.
Total EU imports of 17 major oils and fats may fall to a three-year low of 10.53 million tons in the 2014-15 season, which started Oct. 1 for the 28-country bloc, Oil World said. Imports of sunflower oil from all sources may drop to 950,000 tons, compared with 1.08 million a year earlier. Purchases of palm oil are expected to slide to 6.8 million tons from 7.25 million, according to the report.