Image: Pixabay
India, the largest global buyer of vegetable oils, is expected to reduce imports of sunflower oil in the coming months, which would force it to turn to competing products such as soybean and palm oils.
This movement must occur due to Russia's withdrawal from the Black Sea grain agreement on Monday (17), which creates uncertainty regarding the continuity of the initiative, which involves, in addition to Ukraine, Turkey and the United Nations ( UN) – the Turks and the multilateral body act as intermediaries.
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With the negotiations halted, Ukraine, the largest producer and exporter of sunflower oil in the world, will find it more difficult to sell this and other commodities in a war scenario of increasing tension.
Pradeep Chowdhry, managing director of Indian company Gemini Edibles and Fats India Pvt. Ltd, told Reuters that sunflower oil exports to the Asian country could fall by around 30% compared to current levels.
Indian sunflower oil imports mainly originate from Russia, Ukraine, Argentina and Turkey. The average monthly Indian import is 250 thousand tons.
As an alternative, Indians should turn to palm oil from Indonesia, Malaysia and Thailand and soybean oil from Argentina, Brazil and the United States.
Source: datagro
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