Ukrainian Sunseed Oil: The Netherlands Advances
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Agricultural products are Ukraine’s most important exports. In 2021, they totaled $27.8 billion, accounting for 41 percent of the country’s $68 billion in overall exports. Ukraine is the world’s top producer of Sunflower Meal, Oil, and seed and the world’s top exporter of Sunflower Meal and Oil. Ukraine produces typically one-third of the world’s Sunflower Oil and accounts for nearly half of global exports;
In 2021, Ukraine exported Oil and fat products worth $8.56 billion (a 20% increase compared to 2020), which is 12.6% of the total export of goods from Ukraine and 31% of the export of agricultural products and food products, according to the press service of the Ukroliyaprom Association.
It is noted that the import of Oil and fat products to Ukraine during the reporting period amounted to $438.8 million (0.6% of the total import of goods and 5.7% of the import of agricultural products and food products).
The balance of foreign trade in Oil and fat products is +$8.1 billion. According to the given data, foreign trade in Oil and fat products, namely its export, plays a significant role in forming a positive balance of agricultural products and foodstuffs.
In the structure of the export of Oil and fat products, Sunflower Oil, which was exported for $6.4 billion, occupies 74.6%, and Sunflower Meal – 15% (shipped for $1.3 billion). The specific weight of the export of Sunflower Oil in the total export of goods from Ukraine — is 9.4%, and in the export of agricultural products and food products — 23%.
In addition, in the export of food products, which were exported for $9.7 billion, Sunflower Oil occupies 66%, taking into account other types of Oil and fat products (excluding Meal) – 72.2%.
According to the results of 2021, despite the reduction of Sunflower Oil exports in natural terms by 15.2%, in terms of value, exports increased (compared to 2020) by 20% ($1.07 billion). The EU countries remained the leading importers of Ukrainian Sunflower Oil — 32%, India — 30.5%, China — 15.3%.
However, in the marketing year 2022/23, Ukraine’s share in global Oil production and exports is projected to shrink to 21 and 35 percent, respectively, the USDA data shows. According to the AgFlow data, the country exported 6.5 million tons of Sunseeds Oil in 2020/2021. But it fell to 3.8 million tons in the 2021/2022 season. India led their export market by 0.8 million tons in 2021-2022, followed by the Netherlands (0.5 million tons), China (0.4 million tons), Spain (0.4 million tons), and Turkey (0.3 million tons).
Ukrainian Sunseed Oil Market Forecasts
Ukraine’s Sunflower Oil output could total between 3.5 and 4.9 million tons in the 2022/23 season compared with 5 million tons in 2021/22. As per the USDA estimate, Sunflower Oil and Meal production are projected to be 4.0 and 3.9 million tons for 2022/2023, respectively. These figures are forecast to be 3.6 and 2.7 million tons in exports, respectively.
Ukraine typically supplies nearly two-thirds of the world’s Sunflower Meal, with exports valued at $1.2 billion in 2021. In the marketing year 2022/23, Ukraine’s share of global exports is projected to decline to 40 percent. The top markets in 2021 were China (48 percent), the European Union (25 percent), and Turkey (7 percent).
According to UkrOilprom analysts, Oil extraction plants in Ukraine are 50% loaded of their total capacity, despite the fact that the domestic Oil and fat industry, over the past 15-20 years, has become a world leader. There are approximately 120 Oil extraction plants in Ukraine. Their annual processing capacity is 23 million tons and 50,000 tons per day.
Other sources: https://www.usda.gov/
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