Iran purchased about 1.6 million tons of key vegetable oils between October 2022 and September 2023. – This is 120 thousand tons higher than the level of the previous agricultural year, follows from the data of Hamburg-based analytical agency OilWorld (Germany).
According to German experts, in the reporting period, the country received 809 thousand tons of sunflower oil (+141 thousand tons to MY 2021/22), and the key exporters of the product were Russia and Argentina. In addition, palm oil supplies also increased – from 430 thousand tons to 507 thousand tons.
Imports of soybean oil in the past season fell by 144 thousand tons – to 250 thousand tons, and almost 75% of this volume was imported from South American countries.
Earlier, the media reported that the Iranian government is going to impose a ban on imports of soybean and sunflower oil from October 23. The restrictive measure is expected to be in effect for 1-2 months until the domestic stocks, which, according to estimates of OilWorld (Germany), by the end of September “are at a record level” and by 150-200 thousand tons exceed the result of the previous year.
“At the same time, the ban does not apply to palm oil imports, in connection with which supplies will continue in the coming months“, – experts believe.