IN 2023, RUSSIA BECOMES INDIA’S TOP SUPPLIER OF SUNFLOWER OIL

World News

India surpassed China as the world’s top consumer of vegetable oils in 2022–2023, bringing in about 17 million tonnes of imports altogether, of which 1.5–3 million tonnes were sunflower oil, accounting for 10–15% of the total.

India’s purchases of sunflower oil increased to over 9,00,000 tonnes in 2023, more than tripling from previous levels, with Russia emerging as the market leader.

A statement from the Russian Ministry of Agriculture’s Federal State Budgetary Institution “Agroexport” revealed the numbers.

“Russia became as the main supplier of sunflower oil to the Indian market by the end of 2023. India surpassed all other countries in purchasing Russian sunflower oil, more than tripling its imports during that period, according to the ministry. “The loudness

The primary importer of vegetable oil is India, which is ranked second in the world for consumption of the product behind China. With yearly imports of sunflower oil ranging from 1.5 to 3 million tonnes, or roughly 10 to 15 percent of total vegetable oil imports, India purchased about 17 million tonnes of vegetable oils in the fiscal year 2022–2023.

“Agroexport” outlined a number of variables that will influence Russian vegetable oil exports in the medium term. The Indian market is particularly sensitive to price.

The Indian government intends to increase domestic palm oil output in order to reduce reliance on imported edible oils to 20 percent by 2030 as part of its food security programme.

“In this situation, the final volume of India’s import of vegetable oils from Russia will depend on both the success of the import substitution programme and the price ratio of key vegetable oils: palm, soybean, and sunflower on the world market,” the centre said. “In the event of an increase in the share of Russian oil in the Indian market, the potential supply of sunflower and soybean oils in 2030 could reach 2 million tonnes.”

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