Intense competition between Russia, Ukraine and Argentina in sunflower oil exports

26-Jun-2024 04:57 PM

Mumbai. Countries in the black market region - Russia, Ukraine and Romania and Latin American country - Argentina are aggressively selling sunflower oil and there is intense competition among these countries to gain maximum share in the Indian edible oil market.

As a result, there is a huge pressure on the global market price of sunflower oil and Indian importers are getting encouraged to buy it in large quantities at cheap prices.

It is worth noting that the maximum import of soya oil in India comes from Argentina, while sunflower oil is mainly imported from Russia, Ukraine and Romania.

It is worth noting that the combined contribution of Russia and Ukraine in the total global export of sunflower oil is close to 70 percent. Both have their eyes focused on India.

Earlier, the maximum import of sunflower oil in India was from Ukraine, but now Russia has overtaken it. During the current month (June), in the first 23 days, about 3.20 lakh tonnes of imported sunflower oil consignment was discharged with custom clearance from various ports of the country.

According to the data received, during the last marketing year, an average of 2.50 lakh tonnes of sunflower oil was imported in India per month and most of it was imported from the countries of the Black Sea region. It is understood that during the entire month of June 2024, the import of sunflower oil in India can increase rapidly and reach an all-time high of 5 lakh tonnes.

It may take a lot of time to refine it and release it in the domestic market. It is known that mainly crude sunflower oil is imported in the country.

Due to record imports in June, the import of sunflower oil may decrease in July. Earlier, the highest import of 4,61,458 tonnes of crude sunflower oil was done in India in January 2023, while the import of June 2024 is going to be even bigger than that.