Sunflower oil production expected to increase 15%

Sunflower oil production in Ukraine is forecasted to increase by 14.5% up to 6.6 million tons. This was informed by Elena Neroba, Head of Data & Analytics at MarcoPolo Commodities, within the framework of Sunflower Oil&Meal Trade 2018 conference in Shanghai, APK-Inform reports.

"As for the new MY2018/19, we expect an increase in the production of sunflower oil in Ukraine by another 14.5% up to 6.6 million tons against 5.76 million tons in the current season. Accordingly, the exports may increase from 5.3 million tons to 5.8 million tons," the analyst says.

Elena Neroba named the key buyers of Ukrainian sunflower oil, among which are India, the EU, China, Iran, Iraq, Malaysia and several other states. At the same time, almost 90% of made in Ukraine produce is currently sold in raw, unrefined form.

The analyst points out that over the past five years the production of sunflower oil in the world has grown by almost 30%, while the trade rates have increased by 40%. At the same time, more than 56% of the world sunflower oil export is provided by Ukraine.

Reference: over 8 months of MY2017/18 (September-April), sunflower processing totaled 9.5 million tons, while sunflower oil production amounted to 4.1 million tons, which is 11% less than the previous marketing year.