MHP soybean oil exports boosted 121% in H1 2018
The agri-industrial holding Myronivsky Hliboproduct (MHP) for the first six months of 2018 exported 31,621 tons of soybean oil, which is 121% higher year-on-year, due to a low base in the relevant periods in 2017.
In Q2 2018, soybean oil exports were at 13,366 tons, 105% higher year-on-year.
In H1 2018, sunflower oil exports constituted 148,104 tons, which is 11% lower year-over-year. The increase in volumes in the periods is driven mainly by delivery terms change from DAP to FOB since the beginning of 2018.
In Q2 2018, MHP’s sales of sunflower oil increased by 19% to 100,598 tons compared to 84,880 tons in Q2 2017.
The company considers vegetable oils exports as one of the "natural hedge" routes accumulating additional hard currency revenues and protecting the company from volatilities in local currency.
Reference: in Q1 2018, MHP’s sales of sunflower oil decreased to 47,506 tons compared to 82,745 tons in Q1 2017 as a result of delivery terms change from DAP to FOB.