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In the first quarter of 2025, Russia reduced the export of vegetable oils by 27% annually, with the most significant decrease occurring in sunflower oil. The export of sunflower oil became inefficient due to a 66% increase in sunflower prices, high tariffs, and the strengthening of the ruble. As a result, companies are forced to reduce production. The situation with rapeseed oil turned out to be more favorable: the export is growing due to China imposing 100% tariffs on Canadian products.
In January-March 2025, the export of vegetable oils from Russia amounted to 1.46 million tons, which is 27% less than the previous year, according to the consulting agency OleoScope. Sunflower oil deliveries decreased by 38% to 909 thousand tons, while soybean oil decreased by 27% to 154 thousand tons. The increase in rapeseed oil exports by 29% to 391 thousand tons in January-March somehow compensated for the overall decline. The company GK "Blago" reports that in January, the export of sunflower oil decreased by 7% annually, in February by 55%, and in March by 47%.
The decline comes after previous growth. September-December 2024 showed a 20% increase in oil exports compared to the previous year, according to OleoScope data. However, the decrease in vegetable oil exports is related to a 20% reduction in production compared to the previous year, notes the same source.
The decline is explained by the unprofitability of producers due to the mismatch between sunflower purchase prices and export revenues. Mikhail Maltsev, the executive director of the Union of Oil and Fat Producers, reports that the profitability of sunflower oil exports in February was -23%. Usually, this figure is in the positive range of 5-7%, according to OleoScope.
According to the report of the "Sovekon" society, the cost of sunflower on the domestic market at the beginning of April was 39.9 thousand rubles per ton. Over the year, the cost has increased by 66%, and since September, it has increased by 27.2%. In the sunflower oil export index NТВ as of early April, the value was 1.16 thousand dollars per ton. Over the year, the indicator increased by 48.2%, and since September by 27.2%. Mr. Maltsev believes that the increase in export prices could not compensate for the rise in raw material prices. He also notes the negative impact of the ruble strengthening on this indicator.
Andrey Kucherov, director of the Competence Center in the APC "Rexoft Consulting," points out that sunflower oil manufacturers were preparing for a deteriorating situation, exporting a third of the export volume for 2024 in the fourth quarter. "The imperfection of the duty calculation mechanism led to the possibility of excessive exports before the increase," he believes. This further increased demand for sunflower at the end of the year.
