Turkey has increased purchases of Russian sunflower oil, while India prefers palm

As a result of Russia's military aggression, Ukraine's seaports remain blocked, which depletes not only the Ukrainian but also the world economy, as the cessation of exports leads to rising world prices. Since the beginning of the war, prices for sunflower oil have risen by 35-40% to $ 2000-2200 / t, while in February they were $ 1500-1600 / t.

In March, India bought 45,000 tons of Russian sunflower oil at a record high price of $ 2,150 / t C&F, as domestic prices rose sharply amid a lack of oil supplies from Ukraine. Imports of sunflower oil to India in March amounted to 210 thousand tons compared to 152.2 thousand tons in February, due to the arrival in Indian ports of oil previously purchased in Ukraine.

Imports of palm oil to India in March rose by 21% compared to February from 454.8 to 550 thousand tons, as traders began to buy alternative oils, losing the opportunity to buy sunflower oil in Ukraine.

Imports of soybean oil in March fell by 18% to 310 thousand tons due to a significant increase in oil prices due to forecasts of declining soybean production in South America.

According to Oil World experts, Turkey imported 501 thousand tons of sunflower oil in October-February 2021/22 (compared to 303 thousand tons in the same period 2020/21 MY), including 448 thousand tons of Russian and only 43 thousand tons of Ukrainian. In February, 100,000 tons of oil were delivered to the country, of which 84,000 tons were from Russia and 12,000 tons from Ukraine.

It is worth noting that in the current season, Turkey has reduced imports of sunflower seeds. Thus, according to analysts, in October - February 2021/22 MY, she bought only 20 thousand tons of sunflower from Ukraine (58 thousand tons for the same period 2020/21 MY), 3 thousand tons from China (32 thousand tons), 18 thousand tons from Bulgaria (59 thousand tons), 49 thousand tons from Romania (66 thousand tons) and did not buy sunflower from Russia, although last year bought there 154 thousand tons. At the same time, imports of sunflower from Moldova increased from 69 to 75 thousand tons.