The first shipments of sunflower oil from Ukraine look set to arrive in India – the world’s biggest edible oil importer – in September after a five-month gap, Bloomberg reported Mumbai-based vegetable oil broker and trader Sunvin Group as saying.
With Ukraine set to open some Black Sea corridors for agricultural exports, about 50,000-60,000 tonnes of the oil could arrive in India, the company’s CEO Sandeep Bajoria said.
The cargoes were expected to be loaded at the seaports of Odessa and Chornomorsk, he added.
“We have started getting offers for August shipments, but it will all depend on availability of vessels,” Bajoria said. “Ukraine has adequate supplies of oilseeds for crushing.”
India’s imports of sunflower oil from Ukraine had been at a standstill since April following Russia’s invasion of the country and subsequent disruption to trade, Bloomberg wrote.
Moscow and Kyiv reached a deal last week to revive agricultural exports from Ukraine, one of the world’s biggest corn, vegetable oil and wheat exporters, the 28 July report said.
A move by the Indian government to allow duty-free imports of 2M tonnes/year of sunflower oil this year and next would bolster demand, the report said.
India bought 1.89M tonnes of crude sunflower oil in the year ended October, with Ukraine supplying almost 74%, and Argentina and Russia each about 12%, Bloomberg wrote.
India was also set to increase its purchases of palm oil, the report said, following a drop in prices. Imports will rise to 800,000 in September compared to 750,000 tonnes in August, Bajoria said.
The increase was mainly due to increased demand for fried foods during festivals and due to the fact palm was cheaper than other oils, he added.
