China imported record sunflower oil volume from Ukraine in 2020/21
The Chinese market in the 2020/21 season was practically the only export market for Ukrainian sunflowerseed oil, where shipments increased, despite the overall reduction in the supply of this commodity from the country, the APK-Inform consultancy reports.
In 2020/21, a record 1.08 mln t of sunflower oil from Ukraine was exported to China, 10% up YoY. China's share in the total volume of shipments from Ukraine grew to 20% vs. 15% in the previous season.
"Moreover, Ukrainian sunflower oil share of total imports by China grew significantly as well. As per the USDA, the total volume of sunflower oil exported to China in 2020/21 was about 1.7 mln t (-3%), of which 64% were products of Ukrainian origin," analysts mark.
China in 2020/21 largely reduced imports of sunflower oil from Russia — by 41% to 440 thou. t, thus the share of Russian products in total imports fell to 26% against 43% earlier season, to 19% in total consumption.
Reportedly, the share of Ukrainian sunflower oil in China's total consumption in 2020/21 remained stable at 45%.
The USDA projects sunflower oil imports to China in 2021/22 to rise to 2.15 mln t, consumption to 2.78 mln t, which may contribute to a further increase in exports of Ukrainian sunflower oil this market.
As a reminder, China imported 16% of the total sunflower oil shipment from Ukraine in January-August 2021.