World production of sunflower oil makes 9% of the total volume

The world production of sunflower oil in 2017/18 MY makes up 9% of the total volume among 10 oilseeds (against 8% in 1997/98 MY), and comes third in the world after soybean (62% vs. 55%) and rapeseed (11% against 12%).

This was announced by the leading analyst of OilWorld (Germany) Artem Hammerschmidt in his presentation "Review of Global Supply and Demand of Oilseeds and Vegetable Oils in 2017/18 MY" within the framework of the 5th International Conference Black Sea Oil Trade, writes UkrAgroConsult.

According to the analyst, palm oil prevails among vegetable oils in the world today, pushing soybean from the decade-old leader positions. Over the past 10 years, palm oil took the first place (31% of production compared to 17% in 1997/98 MY). Soybean oil has shown an increase of 2% over this period, and accounted for 25% of global production (2nd place) versus 23% 10 years ago when it occupied a leading position.

Artem Hammerschmidt noted that the most powerful exporters are Indonesia, Malaysia, CIS countries, Argentina, Canada and Brazil. Among the importers are the countries of South Asia (India, Bangladesh, Pakistan), the EU, China and the United States.

"The increase in sunflower production in 2017/18 MY should be expected in Argentina (+0.5 million tons), Turkey (+0.2 million tons), China and Russia (+0.1 million tons). In Ukraine and Canada, the forecast is expected to decrease by 1.2 and 0.4 million tons, respectively," the message says.

It is reported that among the 17 items of vegetable oils and fats, sunflower oil production in 2017/18 MY makes up 8% of the world volume, as well as in 1997/98 MY.

Note: the export of sunflower oil from Ukraine following the results of 2016/17 MY amounted to a record 5.84 million tons, which is 30% higher than in the previous season.