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During the first half of the current year, the volume of oilseed exports decreased by a third compared to the previous year, amounting to 1.93 million tons. Analysts at OleoScope emphasize this fact. In particular, sunflower seed exports decreased by 13% to 186 thousand tons, with over 85% of shipments directed to the EAEU countries. Soybean exports decreased by 34% to 584 thousand tons, with China being the main buyer at 478 thousand tons. Rapeseed exports decreased by 29% to 457 thousand tons, with Belarus and China being the main buyers. Flaxseed oil exports decreased by 34% to 640 thousand tons, with China and Belgium being the largest buyers. These figures are confirmed by the source - OleoScope company.
Simultaneously, vegetable oil exports for the first half of the current year are estimated by OleoScope analysts at 4.99 million tons, which is 10% higher than the same period last year. Sunflower oil exports increased by 26% to 3.77 million tons, surpassing 75% share in total vegetable oil exports. Soybean oil export volumes increased by 18% to 503 thousand tons. Rapeseed oil shipments decreased by 36% to 705 thousand tons.
The volume of oilseed meal exports in the first half of the current year increased by 7% to 2.91 million tons, according to OleoScope company analysts. Of this volume, 1.98 million tons of sunflower meal were exported to external markets, a 24% increase over the previous year, while soybean meal volumes amounted to 651 thousand tons, a 19% increase. Rapeseed meal shipments halved to 271 thousand tons.
The Executive Director of the Russian Union of Fat-and-Oil Industry, Mikhail Maltsev, points out that the current export figures were expected. He notes that the record harvest of the previous year and processing of accumulated raw material stocks allowed for increased oil production and, consequently, their exports. Particularly impressive are the results of sunflower oil and meal exports, which increased by 26% and 25% respectively. Maltsev highlights that this was not only due to high raw material volumes but also stable global oil prices and the small price difference between palm and soybean oils. He also mentions that some buyers, such as India, Turkey, China, and Egypt, preferred higher-quality sunflower oil.
A source familiar with the industry situation notes that Russian producers of fat-and-oil products have created a solid foundation for the development of oil and meal exports. He also indicates that the trade policy implemented in the domestic market has fully justified itself. He points out that Russia has managed to increase oil and meal exports due to the expansion of the raw material base for oilseeds. However, the industry faces several challenges, such as the expected decrease in oilseed supply due to the new season's harvest and competition for all crops due to small transitional raw material reserves.
In the meal segment, the situation is most concerning. Since July 1, the European Union has imposed duties on the import of oilseeds and their processed products from Russia, significantly affecting rapeseed and sunflower meal sales, a large portion of which were sent to the EU. Efforts have been made to redirect trade flows to China, but it is not yet clear at what price they will have to operate, as redirecting all European volumes to alternative markets is challenging. Challenges also remain regarding oils, such as logistics, prices, and raw material base.
Overall, it can be noted that the Russian fat-and-oil industry has achieved significant results in exports and laid a good foundation for further development. However, it faces several challenges that require overcoming and finding new markets and solutions.
