Invader country Russia may sell a record 6.38 million tonnes of key vegetable oils to foreign markets in the 2023/24 season according to the experts of the Hamburg-based analytical agency OilWorld (Germany) in their report.
According to their estimates, exports of domestic sunflower oil in 2023/24 MY will renew the maximum and reach 4.37 million tonnes, which is 250,000 tonnes higher than the expected level of the current crop year and 1.2 million tonnes higher than the result of 2021/22 MY.
“The main markets will be China, India, Iran, Iraq, Türkiye, Egypt and several African countries,” the experts explained.
They also expect an increase in rapeseed oil supplies from Russia from 1.3 million tonnes in MY 2022/23 to 1.32 million tonnes in MY 2023/24 (0.9 million tonnes – MY 2021/22). Production is expected to be predominantly shipped to China.
“In January-June 2023, Russia shipped an average of 106,000 tonnes of rapeseed oil per month to China,” OilWorld (Germany) states.
In addition, Russian soybean oil exports in MY 2023/24 are expected to be 0.69 million tonnes (0.67 million tonnes in MY 2022/23; 0.53 in MY 2021/22).