Ukraine Set to Maintain Global Leadership in Sunflower Oil Exports in 2023/24 MY

Kyiv, July 6, 2023 – Ukraine is poised to uphold its position as the leading exporter of sunflower oil on the world market in the upcoming 2023/24 marketing year (MY), with a projected market share of up to 37%. This percentage represents a slight increase from the previous year’s share of 35%. Forecasts indicate that Ukraine could ship approximately 4.5 million tons of high-quality sunflower oil (+2%) to international markets in the new season.

Industry analysts attribute the expected continuation of Ukraine’s leadership in sunflower oil exports to two key factors. Firstly, there is projected growth in sunflower production, estimated to reach 12.8 million tons (+12%) in the upcoming season. Secondly, the processing of this oilseed is expected to remain relatively stable at approximately 11.3 million tons, representing a 2% increase compared to the current season. These factors combined will help sustain Ukraine’s dominance in the global sunflower oil market.

Moreover, there is also potential for slight growth in the processing volumes of soybean and rapeseed in Ukraine. Soybean processing is projected to amount to about 1.5 million tons (+4%), while rapeseed processing is expected to reach 0.2 million tons (+18%). These figures signify a positive trend and highlight Ukraine’s expanding presence in the soybean and rapeseed oil markets.

According to estimates from the United States Department of Agriculture (USDA), Ukraine is anticipated to retain its 8th position in the global rankings of soybean and rapeseed oil exporters for the 2023/24 season. This positioning reflects Ukraine’s continued contribution to the international oilseed trade and its significance as a key player in the global agricultural industry.

The projections for Ukraine’s sunflower oil exports and its potential growth in soybean and rapeseed processing volumes exemplify the country’s commitment to agricultural excellence. Ukraine’s ongoing leadership in the global market reinforces its reputation as a reliable and competitive supplier of high-quality vegetable oils, further strengthening its position as a leading force in the global food industry.

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