Ukraine's sunflower oil exports reached USD 6.4 bln in 2021

28 January 2022, 11:12

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Ukraine exported USD 8.56 bln worth of oil and fat products in 12M 2021, up 19.6% from 2020, which represents 12.6% of Ukraine's total exports of goods and 30.9% of exports of agri-food products, the Association Ukroilprom reports.

Imports of oil and fat products to Ukraine during the reporting period totalled USD 438.8 mln, representing 0.6% of total imports of goods and 5.7% of imports of agricultural products and foodstuffs.

"The balance of foreign trade in oil and fat products is +$8.1 bln. According to the data provided, foreign trade in oil and fat products plays a significant role in shaping the surplus of agri-food products," the report reads.

In the structure of exports, sunflower oil accounts for a 74.6% share worth USD 6.4 bln, sunflower meal 14.9% worth USD 1.3 bln. The share of exports of sunflower oil in total exports of goods from Ukraine is 9.4%, in exports of agricultural products and foodstuffs — 23.1%.

In food exports, which amount to USD 9.7 bln, sunflower oil accounts for 65.8%, and 72.2% if other types of oil and fat products are included (excl. oilseed meal).

"In 12M 2021, despite the decrease in exports of sunflower oil by 15.2% in physical terms, in value terms exports increased by 20% YoY, or by USD 1.07 bln," Ukroilprom analysts comment.

The largest importers of Ukrainian sunflower oil in 2021:

the EU countries 32%
India 30.5%
China 15.3%

The Ukroilprom projection for sunflower oil output in Ukraine in 2021/22 is 24.1% up YoY, at over 7.2 mln t.

Crude sunflower oil production in Ukraine in 2020/21 totalled 4.7 mln t. Refined sunflower oil output by crushers in Ukraine made up 745.3 thou. t.

In late December, the Government of Ukraine imposed price regulation on sunflower oil having added it to the list of goods of significant social importance.