Russia has seen an increase in the production and export of sunflower oil. In an interview with Sputnik radio station, Mikhail Maltsev, executive director of the Fat and Oil Union of Russia, commented on the situation.
The expert said that they have been recording volumes of sunflower oil exports in recent months, but the situation could change in July.
“We are seeing record production volumes and exports in recent months against logistical problems on the part of Ukraine. At the same time, we are already seeing dumping from Ukraine: they have realigned their trade flows across the Danube and are already dumping in Turkey by offering sunflower oil $200 cheaper. We expect to see a fairly sharp drop in export price in July, which may lead to a serious failure against an inflated domestic value for sunflower, a strong ruble and a high export tariff. Now we are working with the Ministry of Agriculture on measures to adjust the current situation,” he said.
The domestic market for sunflower oil remains stable, the expert added.
“The existing tariffs, quotas and the current dollar exchange rate with export prices allow us to say that prices for Russian consumers will at least not increase, will remain stable at the existing level and may even be adjusted downward,” Mikhail Maltsev concluded.