In FY 2024/25, India will reduce its dependence on Ukrainian sunflower oil

In 2024/25, India plans to reduce the import of sunflower oil from Ukraine and increase supplies from other countries, - said Anilkumar Bagani, head of the commodity research department of Sunvin Group India, during an online presentation at the Trend & Hedge Club.

According to the company's forecasts, in 2024/25, compared to the previous season, India will reduce the import of sunflower oil from 3.5 to 3.4 million tons, but will increase the import of crude palm oil from 9.2 to 9.3 million tons and soybean oil from 3.2 to 3.3 million tons.

Given the decrease in the sunflower harvest in Ukraine due to the heat to 12.5 million tons and its low oil content, India will have to increase the import of sunflower oil from Argentina, the Russian Federation and, possibly, European countries.

Crude palm oil imports will be hampered by Indonesia's policy to build up its own refining capacity, aimed at increasing exports of refined products rather than crude palm oil.

The soybean harvest in Argentina, which is twice as large as last year, will contribute to the increase in the import of soybean oil, which will increase the volume of soybean oil offers on the world market. At the same time, the consumption of soybean oil in Brazil will increase as a result of the policy in the field of biodiesel fuel, so only 1.6-1.7 million tons of oil will remain free for export to it.