Vegetable oil and fat export surged 19% in 1H 2020

In the first half of 2020, exports of major oil and fat products (oil, meal, margarine and specialized fats, etc.) increased by 19% YoY to USD 3.7 bln, the Ukroilprom Association reports.

Oil and fat products account for 16.1% of the total commodity exports Ukraine in January-May 2020 vs. 15.9% in the corresponding period of 2019. In the export volumes of foodstuffs and agricultural products, this group of products accounted for 36% vs. 34.3% in January-May 2019.Vegetable oil industry in Ukraine (click for full resolution)

During this period, vegetable oils export was valued at USD 2.9 bln (+23.6% YoY).

In particular, sunflower oil export totalled USD 2.74 bln (+24.2% YoY). The share of oil exports in the total of food and agricultural products supply increased to 28%, including sunflower oil 26.7%.

Exports of sunflower meal increased by 11.6% for this period. The share of meal/cake exports in total food and agricultural exports made up 7%, including sunflower meal 6.7%.

"Export of soybean oil (-4.8%) and soybean meal (-17.9%) have been declining on soybean deficit in the domestic market," the Association says in a statement.

Related: Agrarian Superstate Importing Soybean or Why Is the Market Short of This Oilseed Crop?

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